UK, Thailand eye to double bilateral trade

BANGKOK, May 23 (TNA) - The United Kingdom and Thailand expect to double their bilateral trade value over the next three years, from more than 40 billion baht annually now, through expanding networks between small and medium-sized enterprises (SMEs) of the two long-time allied economies. UK Trade & Investment (UKTI) and the Office of the Small and Medium Enterprises Promotion of Thailand (OSMEP) have, thus, signed an agreement on leveling up economic and business cooperation between UK and Thai SMEs to help achieve the joint target. Under the agreement, inked in Bangkok earlier this week with the presence of UK Minister of State at the Foreign & Commonwealth Office Hugo Swire and Thai Industry Minister Prasert Boonchaisuk, UKTI and OSMEP will support the establishment of UK-Thai SMEs networks to facilitate and promote their business operations in all dimensions, covering production, exchange of technologies, marketing strength and enhanced management knowledge and skills to boost their competitiveness on global stages, including the 10-member Association of Southeast Asian Nations (ASEAN) and the 27-member European Union (EU). According to the Thai industry ministry, UK business operators want to expand their investment into Thailand, as the Kingdom has potential to become an ASEAN business hub after the ASEAN Economic Community (AEC) is formed by 2015, while Thailand has eyed for expanded UK clean energy projects in exchange for becoming a major raw material source in the region for the UK food industry. (TNA)