Ireland eyes stronger trade, investment ties with Thailand

“Ireland and Thailand have similar potential to be gateways for expanding trade and other cooperation in each region. We would like to strengthen ties with the Thai government and private sectors,” said Martin Murray, executive director of Asia Matters, a Dublin-based economics institute dedicated to improving Ireland-Asia business relations.
Thailand and Ireland could have “reciprocity” to ensure mutual benefit in promoting economic growth between the two sides, he added.
In an interview with The Nation, Murray said Ireland would like to form closer ties with Thailand, and would want to do so even if a free-trade agreement between the Kingdom and the European Union were already in place.
He said Ireland could be a springboard for Thailand for penetrating not only the EU, but also the United States, because Ireland is a centre for many European and US firms across a host of sectors, including aviation, finance, electronics, trading, education and tourism.
Meanwhile, Thailand is being considered as a gateway for Ireland to penetrate Asean, as well as more widely in Asia.
Moreover, Ireland could transfer technology to Thailand in many sectors, since it has great experience in the fields of education, innovation in food and sanitary standards, and sophisticated high technology in finance and aviation, he said.
Ireland regards Asia as an important partner, since one-third of the world’s economy is in Asia, he said, adding that the continent also continues to have emerging growth, with Thailand the second-largest economy in Asean after Indonesia.
Murray also urged the appropriate agencies to consider setting up direct flights between Dublin and Bangkok to facilitate more tourism, trade and investment growth.
He forecast that the number of Irish tourists travelling to Thailand could exceed 250,000 each year if there were direct flights between the capitals. About 70,000 Irish tourists visited the Kingdom last year.
While very few Thais go to Ireland each year, direct flights would also encourage more people to make the trip, he suggested. To promote more cooperation in all dimensions with Thailand and other Asian partners, Ireland will hold the “Asia Business Week Ireland 2015” in Dublin from July 8-15.
Murray has invited Thai officials as well as private enterprises to join the event in a bid to form closer cooperation will local businesspeople.
Many special events will be organised during the week, including an “Ireland-China Business Summit”, an “Asia-Ireland Higher Education and Global Talent Forum” with a special focus on financial services, and the “Asia Matters Economic Innovation Award”.
Moreover, there will be a roundtable on the EU and Asia involving top economists, and other seminars on the food and agro-industry, and education.
According to Asia Matters, trade between Thailand and Ireland in 2013 was worth US$705.3 million (Bt23.2 billion), some 13.3 per cent higher than in the previous year.
Irish exports to Thailand were valued at $280.4 million, while Thai shipments came in at $424.9 million.