ISLAMABAD, Pakistan: The next round of negotiations for Pak-Thailand Free Trade Agreement (FTA) would be held soon in Bangkok and hopefully the FTA would be finalized in near future that would help in boosting bilateral trade between both countries.
This was stated by Manopchai Vongphakdi, Director General for South Asian, Middle Eastern, and African Affairs Department, Ministry of Foreign Affairs of Thailand during his visit to Islamabad Chamber of Commerce and Industry (ICCI) along with a delegation here today.
He said his country was keen to further improve trade relations with Pakistan as it was making sound economic progress and was a potential market for Thai products.
Manopchai Vongphakdi said Thailand wanted to explore new avenues of trade cooperation with Pakistan for mutual benefit of both countries.
He said the next round of negotiations for Pak-Thailand Free Trade Agreement would be held soon in Bangkok and hopefully the FTA would be finalized in near future that would help in boosting bilateral trade between both countries.
He said Thailand has developed 10 Special Economic Zones (SEZs) in various provinces with attractive incentives and One Stop Service Center facilitation and urged that Pakistani investors should explore investment opportunities in those SEZs.
He said Islamabad Chamber and Thai Chamber of Commerce should develop close relations to facilitate business linkages between private sectors of both countries.
He said ICCI should take a delegation to Thailand as frequent interactions between businessmen of both countries was the best way to improve bilateral trade and economic relations.
Speaking at the occasion, Sheikh Pervez Ahmed Senior Vice President and Sheikh Abdul Waheed, Vice President, Islamabad Chamber of Commerce and Industry said that Pakistan and Thailand had established diplomatic relations way back in October 1951, but the bilateral trade was still not matching with real potential of both countries.
They said both countries should encourage frequent exchange of trade delegations and organize single country exhibitions to fully exploit untapped trade potential.
They said Thailand has comparative advantage in electrical and electronic appliances, machinery and components and automobiles while Pakistan has advantage mainly in the production of cotton yarn, woven textiles, ready-made garments, leather products, food products including fruits and vegetables, surgical instruments and sports goods etc.
Thus both countries could meet each other’s needs in specific areas.
They said Pakistan was a strong consumes market with cheap and well trained labor, therefore, Thai investors should set up joint ventures in Pakistan in the fields of fruits & food processing, production of farm machinery, automobiles, Halal products and other areas of interests.
They said China-Pakistan Economic Corridor would create plenty of investment opportunities for foreign investors and time was ripe for Thai investors to enhance their presence in Pakistan to take full advantage of upcoming business opportunities.
Source: APP
