Hong Kong, Aug. 20 – Bangkok Bank plans a strategy to push the Hong Kong branch to open the door to East Asian trade. Opportunities to invest in the GBA economic zone in response to the economic recovery Open for Chinese capital to flow into Thailand believes that the private sector can adapt to the political situation
Bangkok Bank Senior Vice President and General Manager of Hong Kong Branch Mr. Sitthichai Jiwathanakul revealed that the Bank has established a growth strategy for the Hong Kong branch as a gateway that connects businesses and foreign investment that want to enter China using Hong Kong as a hub Along with Chinese business groups who want to open the investment market to Thailand Including connecting to other countries in ASEAN in response to the global economy that is continuously recovering. after crossing the crisis of the COVID-19 epidemic It is believed that entrepreneurs and investors continue to focus on international trade. To increase the efficiency of production capacity and opportunities to access new potential markets, which will help support stronger business growth in the long term.
Hong Kong's economy has been affected since 2019 by government protests and the COVID-19 pandemic. Businesses that are the main drivers such as the service sector Tourism, hotels, restaurants have been severely affected. But as the situation resolved, growth signs began to improve continuously. The economy in 2022 grew by 2.3% and is expected to grow by 4-5% this year, with an inflation rate of about 2%.
Mr. Sitthichai added that Hong Kong is an important gateway for businesses that want to invest in China and other special economic zones. Especially now that the Chinese government has announced the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Economic Area, covering 11 major cities, is an opportunity for trade and investment. More importantly, Hong Kong is also strategically positioned as a financial center city. Because there are many financial infrastructures that are conducive to doing business, such as financial transaction systems. law firm accounting office As the world's largest offshore RMB market, investors often choose Hong Kong as their business and financial hub. used to connect to subsidiaries or manufacturing plants located in China And it is an important opportunity for Bangkok Bank, Hong Kong branch as well.
“Most customers of Bangkok Bank's Hong Kong branch are large corporations and multinational corporations. who want to invest in China using Hong Kong as a hub There are businesses from Thailand such as CP Group and Banpu, as well as businesses from overseas such as Singapore, Malaysia and Taiwan, as well as businesses in Hong Kong that were started as small companies. and grow up together Until today, many companies have become international businesses. still use the same service Which the bank has established a branch in Hong Kong since 1954 or almost 70 years ago, so has experience and a good understanding of the market It is also the only Thai bank that has received a full license to operate a banking business (Full License) and also works closely with Bangkok Bank (China), which has a network of 5 branches in key cities in China. mainland Therefore, it has the potential and readiness to provide complete services to business customers who want to enter the Chinese market.”
Bangkok Bank, Hong Kong branch, is still ready for Chinese businesses that want to invest in Thailand. including groups of countries In ASEAN as well, there are currently two business groups that are clearly visible. The electric vehicle manufacturer (EV) (Electronic Vehicle), which has grown about 20-30% from the previous year. and a group of businesses with large capital that is a holding company that invests in a variety of industries such as China Resources and China Merchants, etc.
Mr. Sitthichai added that Despite the growing investment from China in Vietnam. But it is a group of industries in labor-intensive manufacturing sectors such as textiles, but Thailand remains an important investment target for Chinese investors. especially in industries that require technology modern and can create added value which is a strength that the government tries to promote While the political situation in the process of establishing a new government. believes that the private sector can adapt Because it's a situation that has always happened. But the important thing is Ask for clear and continuous economic policies, such as the Thailand 4.0 policy and the Eastern Economic Corridor (EEC) project, so that investors can see a clear picture and make decisions for the future.
“With the Chinese government's Belt and Road Initiative policy to develop infrastructure to connect trade markets between China and other countries. At the same time, the conflict between China and the United States Therefore, it is a limitation for investing in the west. plus the attractiveness of the ASEAN market, which is both a labor market and a commercial market with a large consumer base It is believed that the amount of investment from China will continue to flow into ASEAN more and more. which Bangkok Bank as The 'leading regional bank' has great potential to take advantage of this direction. With a business network and branches covering 9 out of 10 ASEAN countries. Especially the strong business base in Thailand where the main market There is Permata Bank, a subsidiary of Bangkok Bank, for entering the Indonesian market. As well as important markets such as Singapore, Malaysia and Vietnam that have a network of branches and have always coordinated closely, ”said Sittichai.-Thai News Agency.
Source: Thai News Agency