China-based Best Logistics commits B5bn for EEC
Best Logistics Technology, a Chinese comprehensive logistics supply chain service based in Zhejiang, is committed to investing 5 billion baht to develop logistics technology in the Eastern Economic Corridor (EEC).
Johnny Chou, the company’s chairman and chief executive, yesterday met Deputy Prime Minister Somkid Jatusripitak to commit to a 5-billion-baht investment in logistics development in the EEC. The company already submitted its investment application to the Board of Investment (BoI) to develop logistics technology called “Best cloud”.
“The technology will cover logistics services for marine, land, and air cargo via online and offline services,” said Mr Chou. The company also plans to invest in warehouse management, R&D and training of Thai staff.
“Thailand has high potential for logistics development and is a suitable logistics hub for Asean,” he said.
Mr Chou said the company wanted to invest in Thailand because it has an ambitious plan for e-commerce development that requires high technology and innovation to support the segment.
“There is more room for e-commerce development here, with high growth likely,” he said.
Thailand has many products such as cosmetics and food that can use Best Logistics’ technology to export products to China and other countries, said Mr Chou.
He said the investment will support any company and is not solely for Alibaba, which is a major shareholder of the company.
Founded in 2007, Best Logistics combines internet, information technology, and traditional logistics services to create a subversive commercial model to integrate the large logistics industry in China.
The company has established multilevel operation centres in China, with a distribution network that covers the whole country.
The company has 660 operating offices worldwide and logistics offices in China, the US, Germany, Australia, Japan and South Korea. It listed on the New York Stock Exchange in 2017.
In a related development, Shenzen-based BYD Co, a Chinese manufacturer of automobiles, buses, forklifts, rechargeable batteries and trucks, also expressed interest in investing in EEC.
Wang Chuan Fu, the company’s chief executive, who also met Mr Somkid yesterday, said the company intends to establish a battery factory and electric cars in the EEC.
Mr Fu said the company is also keen on investing in monorail systems in Thailand.
“The company is studying the feasibility of the investment projects and is about to submit investment applications to the BoI,” he said.
Mr Somkid said the investment by Best Logistics will help strengthen Thailand logistics and e-commerce, while BYD’s monorail technology is suited to smart city development.