BANGKOK, Oct 7 — An ASEAN Economic Community (AEC) summit and expo will be held in Bangkok early next month, aimed at encouraging Thai businessmen to invest more in fellow ASEAN member countries and for Thailand to become an economic hub in the region.
“The AEC+3 Summit & Expo 2014” will be jointly sponsored by Kasikornbank, the International Trade Promotion Department, the Board of Investment and The Economist magazine November 3 at a Bangkok hotel.
In addition to a seminar, some 500 business enterprises are expected to cooperate as business synergy with a combined value of Bt6 billion, more than 30 enterprises will cooperate in a financial agreement and an accord on personnel development.
Teeranun Srihong, president of Kasikornbank, said the economy in Southeast Asia would become stronger after the implementation of AEC at the end of 2015 and with a combined population of about 600 million, the AEC will become the third largest market in the world.
He said medium-sized consumers in Asia would command about half of the world’s total population within 2020 while it is projected that the AEC economy would grow at an average of 7 per cent annually.
AEC members have closely cooperated with three other leading economy Asian countries–China, Japan and South Korea, Mr Teeranun said.
Direct investment from the three countries to ASEAN soared to US$21 billion in 2012 from just $3.4 billion in 2004.
Direct investment in ASEAN from the three countries during the first four months this year totaled 53 per cent of the total investment.
Thailand is prepared to become an ASEAN economic hub, said Mr Teeranun.
According to Suwipan Thisyamondol, deputy director-general of the International Trade Promotion Department, the trade value between Thailand and fellow ASEAN members plus China, Japan and South Korea rose to 3.7 trillion baht during the first eight months this year.
Mr Suwiphan said Thailand’s exports would increase further after AEC is implemented.
