Economy and Investment

Thailand and Malaysia Agree to Increase Bilateral Trade

by Duangkamol Buranasomphop

Thailand and Malaysia Ag
 

Thailand and Malaysia have agreed to increase bilateral trade from 800 billion baht in 2013 to one trillion baht in 2015.

Prime Minister Prayut Chan-o-cha discussed Thai-Malaysian cooperation in several areas with his Malaysian counterpart Najib Razak during his one-day visit to Malaysia on 1 December 2014.

He reiterated the importance of strengthening relations between Thailand and Malaysia as economic partners. Exchange of visits at all levels, connectivity, and cooperation on border development should be further promoted. Thailand also supports Malaysia for serving as the Chair of ASEAN and a non-permanent member on the United Nations Security Council in 2015.

Prime Minister Prayut expressed Thailand’s readiness to host the 6th Annual Consultation between Thai and Malaysian Prime Ministers in the first half of 2015. Thailand also proposed that Malaysia host the 13th Thailand-Malaysia Joint Commission for Bilateral Cooperation and the 4th Thailand-Malaysia Committee on Joint Development Strategic for Border Area.

Both countries have placed an emphasis on economic development and rail and road connectivity along their border. Thailand is now pushing forward the development of the Sadao – Padang Besar Special Economic Zone in the South in order to generate employment and income for local people.

As for the Rubber City project between Songkhla province and Malaysia’s Kedah state, Thailand and Malaysia have worked together to push for the project. Thailand has conducted a study on the establishment of a Rubber City in the Southern Region Industrial Estate, located in Ban Chalung, Hat Yai district, Songkhla province, in order to promote rubber processing and add value to rubber products.

Malaysia also expressed interest in enhancing cooperation with Thailand in the tourism industry. Prime Minister Prayut also urged Malaysian business people to invest more in Thailand.


Content: thailand.prd.go.th
Picture: businessinfocusmagazine.com

 

Duangkamol Buranasomphop

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