Chinese e-commerce giant Alibaba Group has agreed to support the expansion and promotion of Thailand small and medium-sized enterprises (SMEs).
The support was finalised with a letter of intent and also calls for Alibaba's assistance in developing Thailand's digital human resources and logistics systems and invites the Chinese firm to invest in Thailand's ambitious Eastern Economic Corridor (EEC).
The area is considered a high-tech industry cluster, with an eye towards becoming Asean's leading economic zone for industrial, infrastructure and urban development.
Alibaba Group owns several successful automotive websites such as Taobao, so it's no surprise EEC project will focus on developing next-generation cars.
They will also be supporting smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemical, digital and medical services.
Investors in the EEC will receive privileges such as land leases for 50 years and extensions of 49 years, visa-free grants for the import of skilled labour or executives, special tax perks and financial benefits.