Thailand's SME Promotion Bureau and BOC Thailand signed a memorandum of cooperation in Bangkok on September 14, aiming to jointly promote the trade and investment cooperation between China and Thailand's SMEs, explore the cooperation mechanism under the new situation, and help Thailand's SMEs expand the Chinese market. Bank of China is the first Chinese funded financial institution to sign a memorandum of cooperation with Thailand SME Promotion Bureau.
Thailand's small and medium-sized enterprises promotion bureau director willabon said that Thailand's economy has been seriously affected due to the new crown epidemic. In the second half of 2020, the contraction of small and micro enterprises (MSMEs) will be further expanded than predicted by osmep, but China's economy is still growing. From January to July 2020, China is Thailand's largest trading partner with an export volume of 1421.146 billion baht. Thailand's exports to China are expected to increase in the second half of 2020, and China will continue to be the main export market. Therefore, osmep has accelerated cooperation with various Chinese institutions to support SMEs to expand their trade with China. Recently proposed by osmep, Bank of China (Thailand) Co., Ltd. has signed a memorandum of cooperation with Thailand SME Promotion Bureau.
Li Feng, President of Bank of China and Thailand, said that at present, nearly half of the bilateral trade between China and Thailand is concentrated in Guangdong and Jiangsu provinces. China has a vast territory, and there is a huge space for trade expansion. There is still great potential for cooperation and business opportunities between China and Thailand. BOC Thailand will play a good role in bridging the gap and linking up branches at home and abroad to provide assistance for Thai enterprises in cross-border economic and trade investment negotiations.