BANGKOK: The Ministry of Commerce sees further potential for trade and investment between Thailand and CLMV (Cambodia, Laos, Myanmar, Vietnam) countries. The remark came after it was revealed that trade between Thailand and CLMV from January was Bt353.31 billion, up 1.74 per cent on the same period last year. Thai business operators can obtain business, investment information, data and advisory services from the Commerce Ministry’s Foreign Trade Promotion offices in relation to the four neighbouring countries.
The ministry plans to set up a trade and investment-promotion network and lead Thai business groups to explore trade and investment opportunities in CLMV. According to Commerce Minister Apiradi Tantraporn, Vietnam accounts for most of the trade with Thailand, followed by Myanmar, Laos and Cambodia.
CLMV nations are vital to Thailand, as trade between Thailand and the US, Japan and the European Union has expanded at lower rates than CLMV countries, which continue to grow. Under the Asean Economic Community, Thailand’s geographical position could serve as a gateway for trade between Asean nations and CLMV countries. In keeping with that, the Commerce Ministry has organised activities including a business and investment network linking Thai business operators with their counterparts in neighbouring countries.
In addition, the Commerce Ministry has commercial offices in CLMV nations to provide trade information and advisory services pertaining to marketing, investment, business laws/regulations and business matching, Apiradi added. Vietnam’s foreign direct investment reached Bt828 billion last year and is expected to expand further. Vietnam joined the Trans-Pacific Partnership this year, which should boost the country’s competitiveness in garments, electrical appliances and electronics.
With a 6.8-million population, Laos’ per capita income this year is expected to grow 8 per cent. Thai business operators have been advised to focus on business opportunities in Vientiane, Luang Prabang and Pakse. Despite its relatively lower per capital income, Myanmar has abundant natural and marine resources, agricultural potential and low-cost labour. Nay Pyi Taw, Taunggyi and Myeik offer attractive trade and investment potential, Apiradi said.
