One corner of Hamamatsu city. (Source: jetro.go.jp)Thailand’s Board of Investment (BOI) has signed an investment cooperation agreement with the Japanese city of Hamamatsu, aiming to lure more Japanese investors to the Southeast Asian nation and to strengthen business partnership.
Thai Industry Minister Atchaka Sibunruang has witnessed the signing of a memorandum of understanding (MoU) between BOI Secretary-General Hirunya Sujinai and Yasutomo Suzuki, Mayor of Hamamatsu in Shizuoka Prefecture.
After the ceremony, the Minister revealed that the agreement seeks to forge bilateral cooperation in the promotion of investment and will be used by the government as a magnet to attract more investors from Japan to explore the market in Thailand.
Thanks to the new MoU, Atchaka expressed belief that the investment partnership between Thailand and Japan will flourish. She added that, within a year or two, Thailand will be shifting its focus away from labor-intensive industries to those using technology and innovations. With the country’s technological advancement, Japan will be able to invest more and play a bigger role in the development of the Thai industrial sector.
Furthermore, the Industry Minister cited the opening of the ASEAN Economic Community at the end of this year as another supporting factor for Japanese investors in Thailand, saying they will have access to a wider market and countless opportunities.