This photo taken on Nov 12, 2022 shows the Queen Sirikit National Convention Center in Bangkok, Thailand. The 29th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting will be held in Bangkok, Thailand, on Nov 18-19. (PHOTO / XINHUA)
China is the largest trading partner of Thailand, both in terms of exports and imports. And before the outbreak of COVID-19, Chinese nationals comprised the largest tourist group (about 10 million) visiting Thailand every year.
However, both Thailand and China face an increasingly uncertain and unstable world today. Hence, the two countries need to use bilateral relations to create new opportunities to promote green recovery in the post-pandemic period.
Given Thailand's strategic geographical location in Southeast Asia and its status as the region's second-largest economy, it can play an important role in linking Thailand's new development model of Bio-Circular-Green Economy (or the BCG model) with China's Belt and Road Initiative.
All things considered, the linkage between Thailand's BCG model and China's Belt and Road Initiative will create new opportunities for China and Thailand in the following aspects.
First, it can help build an ideal atmosphere for the two countries to conduct mutually beneficial cooperation and jointly promote economic development. China's policies and plans for industrial transformation and innovation-driven growth with international cooperation through Belt and Road projects have created an ideal environment for Thailand and China to deepen mutually beneficial economic cooperation. On the other hand, the BCG model promotes more advanced agricultural technology and clean technology, and since China has expertise in them, Chinese investors may be drawn to Thailand to expand their business.
Therefore, the two countries should deepen and expand practical cooperation in trade and investment, increase the use of green technology, as well as increase cooperation in eco-friendly industries, modern agriculture, high-end manufacturing, new energy and other fields.
Importantly, the Thai government expects technology transfers from Chinese companies to improve the production efficiency of Thai enterprises, enhance their capacity building, and increase the use of green technology to boost the income of local workers following the development concept of not leaving anyone behind.
Second, there is great potential for China to invest in Thailand and use it as a production base in Southeast Asia. Thailand's location in the heart of the ASEAN market makes it attractive as a trade and production hub and a sub-port for Chinese exports to countries such as Cambodia, Laos, Myanmar and Vietnam and other member states of the Association of Southeast Asian Nations.
As the second-largest ASEAN economy which enjoys geographical advantage, Thailand is well-positioned to serve as a bridge between ASEAN and China and to enhance ASEAN's centrality in regional cooperation and work together to upgrade ASEAN-China cooperation and push forward Lancang-Mekong cooperation, in order to produce more fruitful results.
It's time therefore to synergize Thailand's BCG model and China's Belt and Road Initiative. Especially because Chinese businesses have acquired the necessary expertise to provide advanced and clean technology, and build high-speed railways, state-of-the-art airports and smart cities at competitive prices.
Third, as both Thailand and China are developing countries with similar development tasks of securing balanced economic and social development and avoiding the middle-income trap, they should deepen cooperation to promote innovations and enhance mutually beneficial cooperation in socioeconomic fields.
The two sides should also share their governance experiences with each other while choosing the development path that suits their respective national conditions. Thailand's BCG model applies the "sufficiency economy philosophy" proposed by late King Bhumibol Adulyadej. The philosophy is aimed at empowering local economies, increasing GDP growth, bolstering local economies while being eco-friendly. China on its part pursues coordinated, green, open, and shared development, and is committed to developing a modern, innovation-driven economy.
As such, Thailand and China should increase interactions and coordination on development, so as to learn from and complement each other.
And fourth, the two sides should use the linkage between the BCG model and Belt and Road Initiative to expand cooperation in regional and international matters and take the lead in promoting eco-friendly cooperation in the region to build a shared future.
Thailand favors expanding cooperation with China to jointly promote cooperation in global development, in a bid to realize the United Nations' 2030 Agenda for Sustainable Development. Sino-Thai economic ties, political mutual trust and friendly cooperation, as well as people-to-people and cultural exchanges can help link the BCG model and the Belt and Road Initiative.
The author is an associate professor in the Faculty of Economics, Thammasat University, and former director of the Thai-Chinese Strategic Research Center of the National Research Council of Thailand.
The views do not necessarily reflect those of China Daily.