Bahrain, Thailand to set up joint venture

BANGKOK, April 19 (TNA) - Oil-rich Bahrain and Thailand on Friday signed an agreement to establish a joint venture to act as a "middleman" linking and developing bilateral trade between the two allied countries, especially poultry, gems and jewelry and energy. Thai Deputy Prime Minister and Finance Minister Kittirat Na-Ranong told journalists, after presiding over the signing of the accord, that the two countries have agreed to boost bilateral trade relations, in the wake of Thai Prime Minister Yingluck Shinawatra's visit to the Gulf country in mid 2012. Kittirat acknowledged that bilateral trade between Bahrain and Thailand has increased by about 40 per cent so far, equivalent to some 500 million US dollars, following the Thai prime minister's trip to Bahrain, as the Gulf nation has a food security policy and has eyed Thailand as a food export hub; while having hired Thai private construction firms to construct buildings in the country as well. The agreement was signed while Bahrain’s King Hamad bin Isa Al Khalifa is on a three-day official trip to Thailand, scheduled for April 18-20, as the guest of the Thai government and the visiting Bahraini monarch had an audidence with His Majesty King Bhumibol Adulyadej at Bangkok's Siriraj Hospital on Thursday evening. Meanwhile, Olarn Chaipravat, President of Thailand Trade Representatives, praised the signing of the agreement, as Bahrain is a key global oil source and Thailand is one of the world's major food producers and farm produce centres. According to the President of Thailand Trade Representatives, Bahrain plans to set up a silo of agricultural products in Thailand, through which Thai farm produce will be kept and exported to the Gulf country, and eyes Thailand as a business gateway to the 10-member Association of Southeast Asian Nations (ASEAN); while Bahrain will, likewise, become Thailand's gateway to the Gulf and African regions. (TNA)