Japanese bank joins Thailand’s EEC project

he Thai government and Japan’s Mizuho Bank have teamed up to attract Japanese investment in the development of the Southeast Asian country's Eastern Economic Corridor (EEC) (Photo: http://nwnt.prd.go.th)

Hanoi (VNA) – The Thai government and Japan’s Mizuho Bank have teamed up to attract Japanese investment in the development of the Southeast Asian country's Eastern Economic Corridor (EEC), marking the first partnership involving a Japanese financial institution in the project.

Mizuho, one of Japan's three largest commercial banks, recently signed a memorandum of understanding on business cooperation with the EEC Office to promote the area’s development, which is anticipated to lead growth in industrial activity in the second largest economy of Southeast Asia.

Approved by the Thai parliarment in February, the EEC development project will span over 13,000 square kilometres in the three provinces of Chachoengsao, Chonburi and Rayong, aiming to achieve a total investment of 1.7 trillion THB (54.5 billion USD) in infrastructure and industries such as robotics and advanced automotive manufacturing.

The linkup is the second time an international bank has become involved in the project after a similar agreement in May last year between the office and the Industrial and Commercial Bank of China, one of four major Chinese commercial banks.

Mizuho is planning to negotiate with various Japanese investors by June. Japan is one of the largest foreign direct investment sources of Thailand.

The collaboration is expected to help the Japanese bank widen its customer base by creating opportunities to provide financial solution services to new and current clients.

The Tokyo-based bank has increased its presence in Thailand and the Greater Mekong Subregion, which comprises six countries sharing the river, having some 300 corporate customers in the area. - VNA