EXIM Thailand enters MOU with UKEF to boost Thailand-UK trade and investment
Srettha Thavisin, Prime Minister and Minister of Finance, gave a keynote address to the UK-Thailand Financial Conference hosted by the British Embassy in Thailand at the Park Hyatt Bangkok Hotel on March 28, 2024.
At the event, Rak Vorrakitpokatorn, President of Export-Import Bank of Thailand (EXIM Thailand), and Lord Johnson of Lainston CBE, Minister of State (Minister for Investment), Department for Business and Trade, the United Kingdom, signed a memorandum of understanding to mutually bolster trade and investment in Thailand, the UK, and third countries.
Under this cooperation, EXIM Thailand, as the Green Development Bank, will collaborate with UK Export Finance (UKEF), a UK government's export credit agency under the Export Credits Guarantee Department, Department for Business and Trade, to offer a comprehensive approach to enhance the competitiveness of Thai and UK businesses comprehensively, encompassing credit, guarantees, and other financial tools to foster sustainable economic, social, and environmental development.
In 2023, Thailand exported goods worth US$4.073 billion to the UK, while importing goods valued at US$2.667 billion from the UK. Thailand's major exports to the UK include vehicles and parts, processed chicken, jewellery and ornaments, air conditioning machines, and rubber products. Thailand's imports from the UK comprise machinery and parts, electronic circuits, and beverages.
Moreover, the UK serves as a significant investment destination for Thailand across various sectors such as the food industry, agro-processing, energy, petrochemicals, and retail. UK investors are also actively engaged in Thailand's energy, retail, financial services, aviation, automotive and components sectors.
