Chinese investment in ASEAN expands to benefit both sides(3)

Jobs, shared prosperity

In Thailand, Chinese firms accounted for more than 42 percent of the 981.65 billion baht ($28.9 billion) total investment by foreign entities in 2024, according to the Department of Business Development of Thailand.

Chinese automakers and electronics companies are the top investors. Chinese EV production facilities, most of which are located along the kingdom's Eastern Economic Corridor, recorded a total production capacity of 474,000 vehicles in 2024, according to the Kasikorn Research Center. Production capacity is forecast to rise to 620,000 this year.

Wichai Kinchong Choi, senior vice-president of Kasikornbank, highlighted the role of Chinese innovative technologies in helping transform Thailand into an EV production hub in Southeast Asia.

"While we have witnessed Western economic power using protectionism and trade barriers to benefit its own interests at the expense of fair competition, multilateralism and free trade are firmly believed to maintain the future direction for successful and sustainable world economic growth for more years to come," Wichai said.

Narongsak Putthapornmongkol, president of the Thai-Chinese Chamber of Commerce, said Chinese factories have created many jobs in Thailand. The Thai-Chinese Rayong Industrial Zone has helped boost Thai export volume to $3 billion over the past year and provided jobs for more than 55,000 Thai people, according to the chamber.

Oppo's factory in Indonesia has nearly 20,000 local employees and contracts with local suppliers, according to Shi, CEO of Oppo Asia-Pacific. Oppo has worked with local vocational colleges on internship programs, supplying a significant number of skilled technicians to Indonesia.