Thailand To Expand Cooperation With Singapore

Thailand hopes to further expand cooperation with Singapore

BANGKOK: -- Thailand hopes to see further expansion of cooperation in trade, investment and economy with Singapore following a second forum on Singapore-Thailand Enhanced Economic Relationship (STEER) to be held here during November 22-23.

An informed source at the Commerce Ministry said a top agenda to be put on the two-day meeting is how Thailand could attempt to forge ahead cooperation with Singapore in existing and new matters, particularly on an acceptance of goods certificate issuance, development of safety foods, laboratory development, and farm product and food research.

As well, Thailand hoped to expand cooperation by the private and public sectors in various areas such as tourism, property, and capital market and in the development of the logistic system, marine transport, and education.

Under the cooperation framework, Thai entrepreneurs would have an opportunity to build economic alliances and expand business networks into the international market.

In particular, small and medium-size enterprises (SMEs) of the both countries could learn trade from each other. It would help boost competitiveness of Thai SMEs, build up their business alliance, and publicize their products under the one-tambon one-product (OTOP) scheme.

Last year, Thailand-Singapore trade value totaled US$11.17 billion. Thailand’s exports to Singapore were $7 billion and imports were $4.

In the first nine months of this year, Thailand’s exports to the island totaled $5.46 billion, up 28.03 per cent in the same period of the last year.

The source said Thai Prime Minister Thaksin Shinawatra would host a luncheon party for more than 60 top officials and executives of Singapore, who were to attend the forum, before it would be officially presided over by Deputy Prime Minister and Industry Minister Suriya Juengrunreankit.

Deputy Prime Minister and Commerce Minister Somkid Jatusripitak would chair the meeting on the economic relationship framework of the two countries on Wednesday. It is expected the meeting would lead to the signing of memorandums of understanding on cooperation and agreement in many issues at the state and private-sector level.

--TNA 2005-11-22