Thailand and South Korea yesterday committed to a plan to double
bilateral trade to US$30 billion (Bt900 billion) a year within five years.
Prime Minister Yingluck
Shinawatra and visiting South Korean President Lee Myung-bak held talks and
signed a memorandum of understanding to boost cooperation in four spheres -
political, economic, science/technology, and socio-cultural - and push the
value of bilateral trade to $30 billion within 2016. Last year, trade between
the two countries was worth $13.9 billion.
Expressing confidence that the
goal could be achieved, Lee and Yingluck agreed that the recent opening of
several South Korean bank branches in Thailand would facilitate trade and
investment.
The two leaders also expressed
their commitment to promote regional cooperation under the Asean+3 framework,
the East Asia Summit and the Asean Regional Forum (ARF). Yingluck said they
agreed to speed up ratification of a 2013-2017 trade and economic development
plan, adding that action plans would be formulated to minimise trade obstacles.
Bilateral trade negotiations under a joint commerce committee will also be
revived. The two sides also agreed to jointly host a disaster drill under the
ARF framework next year.
Yingluck proposed an integrated
economic partnership agreement to cope with increasing trade and investment in
the future. Thai and Korean trade ministers will work together on this issue.
South Korea was also interested
in importing more Thai farm products such as rice, fruit and frozen poultry.
As the number of Korean tourists
in Thailand last year reached a new record of 1.3 million, Yingluck proposed
bilateral talks on aviation services to accommodate travellers and trade. The
two leaders also agreed to take steps to protect tourists from each other's
countries.
South Korea expressed interest in
investing in the Thai-proposed high-speed rail project linking Chiang Mai to
Bangkok, as well as water-management and electricity-generating projects, and
the Dawei deep-sea port on Myanmar's eastern coast.
Thailand and Korea celebrate the
55th anniversary of diplomatic ties next year. The two leaders agreed to
promote cultural cooperation through the establishment of cultural centres in
Seoul and Bangkok to mark the anniversary.
As for regional security
cooperation, Yingluck said she affirmed Thailand's support for South Korea's
attempts to achieve peace and stability and eradicate nuclear weapons from the
Korean Peninsula. Lee expressed his thanks for the Kingdom's support. Before
the meeting, a guard of honour and ceremony was held at Government House to
welcome the South Korean president on his three-day visit to Thailand.
Jeerapong Prasertpongkrang
Business & Investment Opportunities
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