Thailand develops economic partnership with Japan's Hamamatsu City

BANGKOK, October 19 (TNA) - The Board of Investment of Thailand (BOI) has developed an economic partnership with Japan's Hamamatsu City, while inviting Japan to support the Thai technological industry. Witnessing the signing of the partnership memorandum between BOI and Hamamatsu City Mayor Yasutomo Suzuki in Bangkok on Monday, Thai Industry Minister Atchaka Sibunruang said BOI and Hamamatsu City have agreed to reciprocally promote investment. Atchaka also took the occasion to invite Japanese investors to take part in developing the Thai economy. Over the past few years, Atchaka acknowledged, Thailand has shifted from labour-intensive industries to the manufacturing of products based on innovation and technologies to boost national competitiveness and economy. According to the industry minister, the Thai government is also opening new clusters in special economic zones, including those of automobiles and parts, electrical and electronic products and environment-friendly chemical products, to boost national competitiveness timely for greater business opportunities when the ASEAN Economic Community (AEC) is formed by the end of 2015, in parallel with the construction of new infrastructure to raise national economic potential. Japan is the largest investor in Thailand for over two decades, with Japanese investment accounting for 35 per cent of foreign investment in the country in 2014 alone and most of its investment going to the production of automobiles and auto parts, followed by the manufacturing of machines, metal parts, electronic and electrical products. (TNA)