Thai PM visits Mongolia, looks to strengthen trade ties

Petchanet Pratruangkrai in Bangkok/The Nation
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Bangkok (The Nation/ANN) - ann 4 f


Thai PM visits Mongolia, looks to strengthen trade ties

By Petchanet Pratruangkrai in Bangkok/The Nation/27 April 2013=

Bangkok (The Nation/ANN) - Thailand will forge closer ties with Mongolia for trade, investment and service businesses during the visit to that country by Thailand's Prime Minister Yingluck Shinawatra this weekend.

Commerce Minister Boonsong Teriyapirom said he would join the government team and private representatives in exchanging opinions with Mongolian officers and private enterprises for promoting trade growth. The three-day visit ends on Monday.

A Thailand Business Forum will be held to showcase Thai goods and Geographical Indication products.

Moreover, Thailand will propose that Mongolia agree a memorandum of understanding on tightening trade and economic relations, Boonsong said.

Thailand will also encourage meetings between the two countries' trade ministers as a stage to discuss bilateral trade promotion.

Mongolia has shown high interest in the One Tambon One Product (Otop) project with a view to developing its own local goods for export.

Thailand has promised to give advice and share experience on such product development, Boonsong said.

He said that although two-way trade is quite small because of distance and logistical barriers, it should show a continuous increase driven by closer cooperation. It is expected that Mongolia will show higher demand for Thai goods.

Potential imports from Thailand are consumer goods, foods, automobiles, processed food, and services such as property development, construction, mining and healthcare.

Thai-Mongolian trade was valued at US$13.69 million last year. Thai exports, chiefly vehicles, paper and refrigerators, were valued at $13.23 million. Thailand imported goods, mainly minerals, worth $460,000.

It also imports printing products, clothes, footwear, electric appliances, and consumer goods from Mongolia.