New Markets To Help Boost Thai Exports

The government will consider tapping into 50 emerging cities for investment opportunities based on information provided by Japan External Trade Organisation (Jetro).

Malee Choklumlerd, director–general of the International Trade Department, said Jetro had provided information about the lifestyles, livelihoods, and product and service opportunities in these emerging cities.

Most of them, such as Shanghai, Beijing, Tianjin and Shenzhen, are located in China.

Other metropolises in every region of the world, including Al-Ayn, Baghdad, Buenos Aires, Cairo, Delhi, Doha, Istanbul, Kabul, Lagos, Moscow and Rio de Janeiro were also listed.

Mrs Malee said the department would initially focus on key cities in Cambodia, Laos, Myanmar and Vietnam (CLMV).

"The information provided by Jetro describes the lifestyles of people in each city and their preferences, which are considered useful for us when supplying products and services that perfectly match their individual demands," she said. "We're also prepared to tell our commercial counsellors at overseas offices to explore more in-depth information on trade and investment in each market."

According to Mrs Malee, certain industries in Thailand, particularly labour-intensive ones, might need to relocate their production bases to neighbouring countries, while Thai industries should focus on innovations and advanced technology.

Thailand is now eyeing four of its neighbours to help offset shrinking shipments to key market destinations, aiming to boost exports to these markets by 13.6% this year.

Thai exports to the CLMV currently account for 10.4% of the country's total, underlining their importance as trading partners. The Commerce Ministry predicted Thai exports to CLMV would amount to US$25.3 billion this year.

In a move to boost trade, investment and tourism, the Thai government last month organised "CLMVT Forum 2016: Towards a Shared Prosperity", with businesses leaders, entrepreneurs, startup owners and government officials from the CLMVT countries in attendance.

The event aimed to create regional connectivity between member states, eliminate trade and investment barriers, promote domestic tourism and allow start-ups to make their presence known in the CLMVT region.

Commerce Minister Apiradi Tantraporn is also scheduled today to lead a Thai delegation on a two-day Thai-Myanmar Joint Trade Committee meeting in Nay Pyi Taw to boost bilateral trade.

Source:
courtesy of BANGKOK POST

by Phusadee Arunmas

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