Thailand ready to become Southeast Asian coin minting hub
A strategic partnership between the world's leading export mint and the Thai Treasury Department has been formed to cover mutually beneficial projects and position this country as Southeast's Asia hub for minting and coin management within three years.
Britain’s Royal Mint recently signed a technical cooperation agreement with the Treasury Department at the Thai Embassy in London.
The UK’s Royal Mint has a long-standing relationship with the department that includes the regular supply of circulating-coin blanks to the mint.
The agreement incorporates a series of projects that will see the mint sharing the benefits of more than 1,000 years of manufacturing history and experience, focused on technical skills and coin-management training.
The agreement is also focused on improving and promoting minting as an industry, as well as effective coin management in neighbouring Asean countries.
To enhance and improve the capabilities and efficiencies of the Royal Thai Mint, the technical training will focus on all aspects of production, including packaging development, medal production and the striking of circulating and commemorative coins.
An important project is a strategic plan to introduce circulating coins in Asia, focusing on neighbouring countries and based on a collaborative offering of products and services.
In its capacity as the world’s leading export mint, annually supplying 50-60 countries with circulating coins and blanks, Britain’s Royal Mint is widely regarded as an industry leader in coin management and distribution. It is renowned not only for its 1,000-year heritage but also its innovation that harnesses state-of-the-art technology to the service of the highest standard of minting.
As well as being responsible for the provision and maintenance of Britain’s coinage, it provides support and advice to various central banks and issuing authorities.
Andrew Mills, director of circulating coin at the UK Royal Mint, said it had a long-standing and excellent working relationship with the Thai Treasury Department.
"This exciting agreement based on a series of projects has the objective of establishing Thailand as the key regional centre for the minting industry. At the Royal Mint, we pride ourselves on having developed our craft to produce the highest-quality coinage and for being at the forefront of technology and innovation both for the UK and abroad.
"It’s great that we’re now able to share that expertise with different parts of the world," he said.
Naris Chaiyasoot, director-general of the Thai Treasury Department, said the agency and its partner would collaborate strategically on projects such as the Regional Coin Training
Centre and a plan to introduce circulation coins in the Asean region.
Finance Minister Sommai Phasee said the working arrangement was one of the successful deliverables of the Thailand and United Kingdom Strategic Dialogue and an example of the close relationship between the two countries.
"On behalf of the Ministry of Finance of Thailand, I wish for great success of the technical cooperation agreement and look forward to the future cooperation of the Royal Mint and HM Treasury," he said.
