Thailand and Brunei forge deeper ties to boost bilateral trade
Thailand and Brunei have embraced greater bilateral cooperation, expanding into new sectors of trade and investment. The move comes as part of their collective commitment towards achieving economic integration within the ASEAN region.
While on an official visit to Brunei, Thailand Prime Minister Srettha Thavisin met with His Majesty the Sultan of Brunei Darussalam, ASEAN’s most senior leader. The two leaders discussed existing areas of collaboration and potential new ones.
The Thai prime minister noted that the upcoming 40th anniversary of the countries’ diplomatic relations offers an opportunity to deepen these ties.
“An important new area of cooperation between Thailand and Brunei is the promotion of food security between the two countries.”
Considering Brunei’s regular importation of rice and sugar from Thailand, the focus on food security is strategically relevant.
The leaders also agreed to develop the Halal food market between their nations, providing Thailand with more chances to export Halal-certified chicken. PM Srettha expressed his interest in attracting more Brunei citizens to Thailand for medical tourism, a sector where Thailand already enjoys respect from Middle Eastern clients boosting bilateral trade.
Brunei Investment Agency
The Ministry of Foreign Affairs reported a 29% year-on-year growth in trade between Thailand and Brunei last year, valuing roughly 29 billion baht. The 61 year old Thai PM extended an invitation to the Brunei Investment Agency (BIA) to invest in high-capacity areas within Thailand, such as the service industry, tourism, and infrastructure, according to government spokesperson Chai Wacharonke.
Chai stated that further bilateral cooperation in the energy sector was discussed and agreed upon during the meeting. PM Srettha acknowledged the growing popularity of Thai products in Brunei, which has led to the Thai embassy in Brunei planning additional trade shows for Thai products.
The Bangkok-born prime minister emphasised the need for Thailand and Brunei to continue their close collaboration in support of ASEAN’s economic integration goals. As part of his visit, the Thai PM attended a royal banquet hosted by the Sultan, reported Bangkok Post.
PM Srettha is set to journey to Malaysia today, where he is scheduled to meet Anwar Ibrahim, the nation’s leader, and take part in an official welcoming ceremony. His itinerary includes a visit to Singapore tomorrow, where he will meet Prime Minister Lee Hsien Loong. He will also meet with leading Singaporean companies before returning to Bangkok the same day.
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