Japanese PM assures Thailand of EV investment in EEC this year

The pledges were made on Monday when Prime Minister Prayut Chan-o-cha discussed economic cooperation plans with Japanese counterpart Fumio Kishida.

According to Thai officials, the two sides discussed and agreed to draft a five-year plan for economic cooperation as soon as possible to develop their economic partnership. The five-year plan will be used for driving economic cooperation between the two countries.

Prayut also pledged support for the Asia-Japan Investing for the Future (AJIF) initiative of Japan. The Japanese prime minister said the initiative will see Japanese entrepreneurs invest more in the EEC, and especially in the electric vehicle industry.

The Japanese prime minister said Thailand has potential for investments by Japanese firms and Thailand is considered by Japan as the most important investment base in Southeast Asia.

Fumio also said during the meeting that Japanese carmakers would continue to use Thailand as their manufacturing base and would focus on making advanced vehicles.

The two prime ministers agreed to work towards advanced human resources development. Fumio said Japan would build more Kosen (National Institute of Technology) branches in Thailand.

Japan will also cooperate with Thailand to develop infrastructure and develop clean energy technology to promote carbon zero-emission that would benefit Japanese investments in Thailand in the long term, Komio was quoted as saying during the meeting.

EEC Office deputy secretary-general Phet Shinabutr said Japan aims to invest THB25 billion in the EEC this year, compared to THB19.8 billion last year.

Prayut thanked Komio for providing aid and support in various forms to Thailand to mitigate the impact of the Covid-19 crisis. Prayut expressed appreciation for Japan’s donation of Covid vaccines, oxygen-generating machines, and equipment for storing vaccines as well as providing soft loans to Thailand to mitigate the Covid economic impact.