Digital Economy Promotes Regional Cooperation

Wang Xiang Shi Guang

With the alignment of the China-proposed Belt and Road Initiative and the “Thailand 4.0” and Eastern Economic Corridor （EEC） development plan of Thailand， China and Thailand have accelerated their bilateral cooperation on digital economy. Digital economy is an important strategy driving Thailands economic transformation， and information technology innovation has become an important engine for “Thailand 4.0”.

Economy 4.0 Brought by Blockchain

On August 9， 2018， China Report Press Bangkok Bureau joined the Institute of ASEAN Digital Economy Innovation， Thai-Chinese Friendship Association， Thailand China Journalists Association and CAS Innovation Cooperation Center （Bangkok） to organize the ASEAN Digital Economy Summit 2018 （ADES 2018） with the theme “Economy 4.0 Brought by Blockchain” in Bangkok. Five hundred delegates from the decision-making， regulation and supervision authorities， mainstream banks， top blockchain and fintech companies from ASEAN countries as well as blockchain investors and market participants attended ADES 2018. The summit focused on the current status and future drivers of the digital economy in Thailand and ASEAN， shining a light on new fintech policies， the application of blockchain technology in traditional industries， the impact of blockchain on the development of digital economy， blockchain investment status and future opportunities.

Participants of the summit exchanged views on the impact of new technologies such as blockchain on the digital economy and ways for ASEAN authorities to deal with the rapid development of digital economy. They also looked to the future of digital economy and blockchain with anticipation for greater development of the digital economy and blockchain technology.

This year marks the 15th anniversary of the China-ASEAN strategic partnership as well as the ASEAN-China Year of Innovation. ADES 2018 focused on the current status and future drivers of the digital economy in ASEAN， which is not only a hotspot of the economic development of Thailand and ASEAN， but also an important direction for Chinas future economic restructuring.

The summit also included a broad range of content such as keynote speeches， panel discussions， closed-door meetings and networking coffee breaks for participants to meet up with like-minded friends， share ideas and seek cooperation opportunities.

New Driver of Thailands Economic Transformation

To accelerate the development of digital economy， the Thai government has established the Ministry of Digital Economy and Society （MDES） to replace the Ministry of Information and Communication Technology （MICT）. In June 2017， the Thai government released a white paper titled “Insights on Digitization of Thailand Industry： Digital Roadmap for Aging Society， Agriculture and Tourism.”

In February 2017， Thailand organized a seminar titled “Opportunity Thailand” to introduce to investors the EEC proposed by the Thai government. Through the EEC， Thailand hopes to develop its eastern provinces of Chachoengsao， Chonburi and Rayong into a leading economic zone to attract more investment in infrastructure and attract targeted industries with preferential policies to boost economic transformation and upgrading.

In the first five years of the EEC development， according to official information， the Thai government expects an investment of 1.5 trillion baht （US$45 billion） for infrastructure in the three provinces involved， including the expansion of U-Tapao International Airport and Laemchabang Port， construction of a high-speed railway from Bangkok to Rayong and completion of double-track rail lines， motorways and hospitals in the provinces. In the future， the EEC will grow into a hub of aviation， next-generation automobile manufacturing， intelligent electronics， advanced agriculture and biotechnology， food processing， tourism， robotics， healthcare， biomaterial and information technology.

Thailand also developed a “Thailand 4.0” high value-added economic model. This year， Thailand is making efforts to drive forward the development of the digital economy. According to the Economic Forecasting Center of the University of the Thai Chamber of Commerce， Thailands digital economy has brought the country 3.15 trillion baht （US$105 billion） of economic value， a year-on-year increase of 24.62 percent， which accounted for 19.42 percent of the countrys GDP， the highest growth in five years.