China-ASEAN Monitor: Thailand, Guangdong elevate their cooperation on the EEC
Photo Credit: Bangkok Post
Economy, Investment and Trade
Thailand, Guangdong elevate their cooperation on the EEC
(22 October 2019) Thai Deputy Prime Minister Somkid Jatusripitak witnessed the signing of a memorandum of understanding (MoU) on economic cooperation between Thailand’s Eastern Economic Corridor (EEC) and Guangdong province that seeks to elevate their pact to a ministerial-level one. With this, a joint high-level committee will be formed to deepen cooperation between the parties, particularly in selected industries, research and development, and human capital development. Ultimately, Somkid expects the enhanced pact to help Thailand better tap the Chinese Greater Bay Area’s US$1.5 trillion economy which spans nine cities in Guangdong.
Huawei to set up Huawei Academy in Thailand
(23 October 2019) Thailand’s Ministry of Higher Education, Science, Research and Innovation signed a memorandum of understanding (MoU) with Huawei to establish a Huawei Academy to help develop the country’s “digital workforce” and drive its innovation ecosystem. The MoU was signed during Thai Deputy Prime Minister Somkid Jatusripitak’s meeting with Huawei founder Ren Zhengfei during his visit to China, during which both sides also agreed to push for greater cooperation in the development of 5G infrastructure. Such efforts, they said, would also help develop Thailand’s cloud and artificial intelligence infrastructure.
China Construction Bank opens on Labuan island
(25 October 2019) China Construction Bank Labuan (CCBL) opened its doors in Malaysia last week, making it the first foreign-owned offshore bank licensed to provide digital banking services to operate in Labuan International Business and Financial Centre. The bank also signed 14 memoranda of understanding with various industry players during the ceremony as part of plans to solidify its positioning as a preferred jurisdiction for enterprises looking to do business in Asia, especially those doing businesses under China’s Belt and Road Initiative.
Chinese firm wins bid to build Yangon power plant
(25 October 2019) Myanmar’s Ministry of Energy and Electricity (MOEE) announced recently that a consortium led by China’s state-owned Energy Engineering Company has been awarded a tender to construct a 150 megawatt (MW) gas-fired power plant in Yangon’s Ahlone Township. Separately, a consortium, which includes VPower Group Holdings and VPower Holding Company, won the tender to develop the Kyun Chaung Power Producing Project, while another consortium of Chinese companies was awarded the tender for the 150 MW Kyaukphyu Electrical Producing Projects, the 350 MW Thanlyin Power Plant, and the 400 MW Tharketa Electricity Production project.
ASEAN is now Chongqing’s largest trade partner
(22 October 2019) Trade between China’s Chongqing municipality and ASEAN saw a 46.1% year-on-year increase reaching US$11.15 billion in the first three quarters of 2019. With this, ASEAN is now Chongqing’s top trading partner, accounting for 19% of Chongqing’s total trade volume of US$58.5 billion. According to Chinese customs, the New International Land-Sea Trade Corridor passage developed by China and Singapore, and the rapid development of the China (Chongqing)-Europe freight train services contributed to the surge in trade in Chongqing.