Thai, Chinese EXIM banks ink deal to promote bilateral trade and investment and expansion of busines
EXIM Thailand and China EXIM have joined forces to promote Thai-Chinese bilateral trade and investment, as well as the expansion of Thai-Sino business to third countries.
Pisit Serewiwattana, president of Export-Import Bank of Thailand (EXIM Thailand), and Liu Liange, vice chairman and president of Export-Import Bank of China (China EXIM), signed an agreement on May 12 on a bilateral credit-facility framework.
Under the framework, EXIM Thailand will provide financial facilities equivalent to US$300 million (Bt10.32 billion) to China EXIM, and will be granted $500 million from China EXIM for the institutions’ cooperation in sub-loans, guarantees, funds, trade financing, cross-border investment, and other matters.
Witnessed by Piriya Khempon, Thailand’s ambassador to China, the signing ceremony was held at China EXIM’s office in Beijing.
The cooperation between the two countries’ export-import banks falls under China’s “One Belt, One Road” initiative to promote infrastructure linkage, bringing about significant improvement in the economic outlook and cooperation between China, Asean and the whole of the region.
China is Thailand’s second-largest export market, after the US.
Last year, the value of Thai exports to China was over $23.81 billion, up 0.3 per cent from the previous year, as China undergoes economic reform to achieve long-term stability.
Major Thai exports to China in 2016 included plastic pallets (10.24 per cent of the total), rubber (8.79 per cent), tapioca products (7.5 per cent), computers, parts and accessories (6.83 per cent) and chemical products (5.94 per cent).