Thai industry minister Uttama Savanayana (Photo: nwnt.prd.go.th)

Hanoi (VNA) – Japan and Thailand have agreed to enhance cooperation for the development of the Eastern Economic Corridor (EEC) of Thailand by promoting investment by Japanese businesses.

After their talks in Tokyo on June 7, Japanese industry minister Hiroshige Seko and his Thai counterpart Uttama Savanayana signed a memorandum of understanding on bilateral cooperation aimed at increasing investment in the EEC, particularly by Japanese high-tech companies.

Thailand hopes to improve production capacity in the EEC with the support of Japanese businesses with cutting-edge technology in such sectors as services, biotechnology and digital technology.

Under the agreement, the Thai government will waive corporate taxes for 15 years, provide infrastructure support, and share information related to the EEC with Japan's Ministry of Economy, Trade and Industry.-VNA