UAE seeks joint ventures to boost trade
The United Arab Emirates has |proposed that Thailand boost |trade and investment by forming more joint ventures in high-potential sectors such as food, spas and medical tourism, while urging Bangkok to further open its contract-farming sector to foreign i
Thailand wants to reduce its trade deficit with the UAE, as the Kingdom’s imports from the Gulf nation currently focus heavily on crude oil. Two-way trade value reached US$17 billion (Bt538.66 billion) last year, with Thailand shouldering a trade deficit of $9 billion due to its heavy imports of crude oil.
During his recent visit to the UAE, Commerce Minister Boonsong Teriyaphirom met with HH Sheikha Lubna Al Qasimi, UAE foreign trade minister, to discuss ways of boosting trade, with an emphasis on tourism and other service businesses.
Boonsong quoted HH Sheikha Lubna as saying that people in the UAE find Thailand an attractive destination for medical treatments and spas.
Boonsong also met with HE Sultan Bin Saeed Al Mansouri, the economy minister, who proposed forming a region-to-region forum for cooperating on food security between the Gulf Cooperation Council (GCC) and Asean, as Thailand, Cambodia, Myanmar and Vietnam are seen as being major producers of rice and other foods. The Asean countries would supply the GCC directly to ensure food security in the form of a buffer stock system.
However, there are many details to consider, as the buffer stock idea would require investment in silos and warehouses.
“Thailand also proposed the UAE double trade value [with the Kingdom] within the next five years,” said Boonsong, adding that the two countries had agreed to set up a taskforce to consider ways of resuming the Joint Trade Committee to form closer ties on trade and investment.
Boonsong also talked with executives of the Platinum Corporation, a leading rice trader for the Middle East and Africa, focusing on the global rice trade and opportunities for Thai rice exports.
“The information from the group will allow us to adjust our strategy to further concentrate on exporting high-quality rice and boosting prices. We want to quote our export prices rather than continue coming under market pressure to lower prices,” said Boonsong.
Thailand’s Commerce Ministry is also considering a measure to classify Thai jasmine rice according to its DNA. The strategy would differentiate Thai jasmine rice from other strains.
