(Bangkok, 29th) Thailand's Deputy Finance Minister Chulapan revealed that the Asian Infrastructure Investment Bank (AIIB) is interested in investing in the Thai government's "Land Bridge Project," considering the project will bring significant benefits to Southeast Asia and East Asia.
Chulapan made this statement after meeting with Jin Liqun, the president of AIIB, during the 46th ASEAN Summit held in Kuala Lumpur this Tuesday.
During the talks, Jin Liqun highly praised Thailand's cooperation with multilateral development banks on various infrastructure projects, such as financing in collaboration with AIIB to advance the expansion and improvement of U-Tapao Airport.
He expressed AIIB's strong interest in participating in the Land Bridge Project, stating that the project will effectively reduce transportation costs and shorten transit times, greatly benefiting overall logistics efficiency in Southeast Asia and East Asia.
The Land Bridge Project has been regarded as a strategic priority by several Thai governments for promoting national investment, with the current government classifying it as a major infrastructure project, with an estimated total investment of 1 trillion baht.
The project's core includes the construction of two deep-sea ports in Chumphon and Ranong, the construction of highways and dual-track railways connecting the Gulf of Thailand with the Andaman Sea.
Once completed, the project will reduce shipping time, originally through the Strait of Malacca, by approximately four days, significantly enhancing regional shipping efficiency.
According to the Thailand Office of Transport and Traffic Policy and Planning, the project plans to conduct the first phase of international bidding this year (valued at 520 billion baht) and is expected to commence construction in October 2030.
Finance Minister Arkhom previously stated that Thailand should leverage its geographical advantage as an important gateway for Chinese exports to the Andaman Sea by strengthening trade cooperation with China through the Land Bridge Project, rather than competing with China.
He pointed out, "China is one of the largest import and export countries globally, and Thailand should share the dividends with it."
Since the 1997-1998 Asian financial crisis, the total investment in Thailand from both public and private sectors has been below 25% of GDP for the past 25 years. In 2023, the total investment reached 2.6 trillion baht, nearing the pre-crisis peak of 2.7 trillion baht in 1996. The investment as a percentage of GDP reached as high as 51% back then, highlighting the crucial role of economic stimulus and infrastructure investment in revitalizing the economy.
Chulapan made this statement after meeting with Jin Liqun, the president of AIIB, during the 46th ASEAN Summit held in Kuala Lumpur this Tuesday.
During the talks, Jin Liqun highly praised Thailand's cooperation with multilateral development banks on various infrastructure projects, such as financing in collaboration with AIIB to advance the expansion and improvement of U-Tapao Airport.
He expressed AIIB's strong interest in participating in the Land Bridge Project, stating that the project will effectively reduce transportation costs and shorten transit times, greatly benefiting overall logistics efficiency in Southeast Asia and East Asia.
The Land Bridge Project has been regarded as a strategic priority by several Thai governments for promoting national investment, with the current government classifying it as a major infrastructure project, with an estimated total investment of 1 trillion baht.
The project's core includes the construction of two deep-sea ports in Chumphon and Ranong, the construction of highways and dual-track railways connecting the Gulf of Thailand with the Andaman Sea.
Once completed, the project will reduce shipping time, originally through the Strait of Malacca, by approximately four days, significantly enhancing regional shipping efficiency.
According to the Thailand Office of Transport and Traffic Policy and Planning, the project plans to conduct the first phase of international bidding this year (valued at 520 billion baht) and is expected to commence construction in October 2030.
Finance Minister Arkhom previously stated that Thailand should leverage its geographical advantage as an important gateway for Chinese exports to the Andaman Sea by strengthening trade cooperation with China through the Land Bridge Project, rather than competing with China.
He pointed out, "China is one of the largest import and export countries globally, and Thailand should share the dividends with it."
Since the 1997-1998 Asian financial crisis, the total investment in Thailand from both public and private sectors has been below 25% of GDP for the past 25 years. In 2023, the total investment reached 2.6 trillion baht, nearing the pre-crisis peak of 2.7 trillion baht in 1996. The investment as a percentage of GDP reached as high as 51% back then, highlighting the crucial role of economic stimulus and infrastructure investment in revitalizing the economy.