Thai commerce minister pitches EEC, land bridge projects to woo UK investors
Amid a 5-year high in bilateral trade, Pichai highlights greater potential for growth in 20 sectors
The Commerce Ministry has highlighted mega-projects in the Eastern Economic Corridor as well as the proposed land bridge project in the South of Thailand as ways to rev up Thailand’s bilateral economic partnership with the United Kingdom.
During a seminar titled “Elevating the Thai-UK Economics Partnership to New Heights”, held on Thursday by the Royal Thai Embassy in London, Commerce Minister Pichai Naripthaphan told UK investors and business leaders that Thai-UK bilateral trade in 2023 was at US$6.7 billion, the highest in five years.
“This growth is not a coincidence, but a result of deep bilateral cooperation,” he said.
Pichai added that the Thai government is committed to continuously promoting relations, using the Thai-UK Joint Economic and Trade Committee (JETCO), which was established after Brexit, as the official platform for high-level economic negotiations between the two countries.
“Through JETCO, Thailand has successfully developed a roadmap for Thai-UK strategic partnership, providing a clear framework for expanding cooperation across various sectors and reflecting our mutual commitment to strengthening strategic ties and enhancing collaboration for mutual benefit,” said the minister.
Pichai highlighted the importance of the Thai-UK Enhanced Trade Partnership (ETP), which was officially signed on Wednesday, in boosting the potential of mutual trade across 20 sectors, including digital, technology, agriculture, and sustainability. The ETP also includes a framework of planned activities that both countries will engage in over the next two years to further strengthen ties in these sectors.
Pichai said his ministry aimed to negotiate more free trade agreements (FTAs) with the UK to open new opportunities for businesses of both countries. He added that Thailand had so far signed 15 FTAs with 19 countries including ASEAN members, China, Japan and Australia, while the FTA negotiations with the European Free Trade Association and South Korea were under way.
“The government’s economic vision aims to position Thailand as a global hub for tourism, medical services, agriculture and innovation,” said Pichai. “With the UK being a world leader in innovation, technology, and sustainable growth, this presents a significant for businesses and citizens of both countries.”
