UK, Thailand to boost two-way trade, investment

BANGKOK, May 17 (TNA) - Leading UK, Thai private business operators have agreed on supporting the Thai government's 4.0 policy and on setting up three separate joint panels to boost two-way trade and investment between the United Kingdom and Thailand. Tevin Wongwanich, Chief Executive Officer (CEO) and President of PTT Public Company Limited (PTT), Thailand's largest petroleum firm, told journalists that the agreement was reached at a meeting between leading UK and Thai private business delegations in London during April 24-25, 2017. Tevin, in his capacity as Chief of the Thai-UK Business Leadership Council for the Thai side, elaborated that both the leading UK and Thai private business delegations agreed to support an increase in bilateral trade and investment between the United Kingdom and Thailand, following a session in which they were briefed on the Thai government's 4.0 policy by Thai Deputy Commerce Minister Sontirat Sontijirawong, who led the leading Thai business delegation during the recent trip. Tevin said the over 65-member leading UK, Thai private business delegations also agreed to set up three joint task forces to work together on supporting the Thai government's 4.0 policy through their communications with their business networks. Besides, the three joint UK, Thai task forces on technologies, innovations and investment opportunities will support the Thai government on its development of the Eastern Economic Corridor (EEC) and the EEC Innovation (EECI) Zone. Tevin revealed that the three joint UK, Thai task forces will also become platforms for interested business operators to access to relevant information and to Thai government agencies. According to the Thai chief of the Thai-UK Business Leadership Council, earlier cooperation between the UK and the Thai private sectors included the opening up of a maintenance center at the U Tapao International Airport in the Thai East and an auto research and development center by UK-based Rolls-Royce Public Company Limited and Thai Airways International Public Company Limited (THAI). Meanwhile, UK Secretary of State for International Trade Liam Fox told the leading Thai private business delegation that longstanding business relations between UK and Thailand would remain intact after the new general election in UK on June 8, 2017, and that UK would pay more attention to the Asian market in the future. During the two-day trip, an event was also held by UK-based Tesco Lotus Hypermarket in London to promote Thai food products. (TNA)