MUFG signs MoU with the Eastern Economic Corridor Office of Thailand
MUFG’s core banking subsidiary MUFG Bank and Bank of Ayudhya (“Krungsri”) have signed a Memorandum of Understanding (“MoU”) with the Eastern Economic Corridor Office (“EECO”) of the Kingdom of Thailand. Through this MoU, they will support investments in ESG, startup companies, and the digital sector.
Purpose and background of the MoU
MUFG Bank made Krungsri a consolidated subsidiary in December 2013 and has since created a platform to provide high added-value financial services in both Japan and Thailand. In recent years, the Thai government has been aiming to nurture high-value-added industries through initiatives such as Thailand 4.0, and the Eastern Economic Corridor (“EEC”) has been designated as a region for concentrated capital investment.
EEC is the core region where economic development projects led by the Thai government are set to take place, comprising three main coastal provinces in eastern Thailand (Rayong, Chonburi, and Chachoengsao). The aim of the designation is to upgrade the industrial structure of the target region by attracting and nurturing key industries, such as the robotics and next-generation automotive industries.
Amid MUFG’s advanced initiatives in supporting ESG efforts, startup companies, and the digital sector, it has signed an MoU with EECO to not only strengthen the bilateral relationship, but also to further contribute to Thailand through helping bolster the growth of the abovementioned sectors.
Outline of the MoU
(1) Supporting customers considering investing in the EEC
(2) Strengthening cooperation between companies via business matching events, etc.
(3) Solidifying collaboration among stakeholders in supporting ESG efforts, startup companies, and the digital sector
Through this MoU, and in cooperation with EECO, MUFG will aim to further strengthen its support for ESG efforts, startup companies, and the digital sector in Japan and Thailand, while contributing to both countries’ economic and industrial development.
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