Tenet Fintech Group Inc. (CSE: PKK, OTC Pink: PKKFF)
Commercial Lending in China Ready to Tenet!
China’s largest e-commerce conglomerate Alibaba Group Holding Ltd. plans to invest THB11 billion (USD352 million) in Thailand’s Eastern Economic Corridor, EEC, an ambitious USD45 billion project aimed at lifting the Southeast Asia’s second-largest economy.
The planned investment covers digital business, digital tourism promotion and e-commerce training for local small- and medium-sized entrepreneurs and personnel in the digital sector, reported Bangkok Post, a broadsheet English-language newspaper in Thailand.
Alibaba Group Executive Chairman Jack Ma arrived in Bangkok today to meet Thai Prime Minister Prayut Chan-o-cha and Deputy Prime Minister Somkid Jatusripitak and sign deals worth USD352 million, it said.
Alibaba will set up facilities to process logistics data via its technology to serve freight services between China and Thailand as well as other Southeast Asian countries.
“Alibaba will establish a facility with technology to process logistics data, with the expectation of serving shipments between Thailand and China, as well as border trade with Cambodia, Laos, Myanmar and Vietnam,” said the report. Alibaba will connect these countries with the global market through Thailand’s transportation network.
The small and medium enterprises in Thailand will serve as Alibaba’s supply chains and provide products to the market through the group’s e-commerce platform. This will drive more investment in Thailand from overseas enterprises, Bangkok Post reported, citing Uttama Savanayana, Thailand’s industry minister.
Eastern Economic Corridor
As a major strategic measure to realize the overall development strategy, the “Eastern Economic Corridor” Development Project unveiled by the Thai government last year aims to establish a regional platform for the country’s industrial upgrading to promote overall industrial restructuring and social and economic development.
The EEC’s regional advantage, investment environment and preferential policies provide sound cooperative opportunities for Chinese companies that follow the Belt and Road Initiative, a grand plan for a vast infrastructure and trade route boasting a major network of railroads, highways, ports and pipelines embracing the continents of Asia, Europe and Africa, which will become a new highlight of China-Thailand economic cooperation, said the Thai government.
Source: yicaiglobal.com
