Thailand, Singapore meet on business, investment

Trade-off of individual strengths for mutual benefits in the run-up to AEC

AEC-logoThailand and Singapore will trade off their strengths to boost commerce and investment ahead of the ASEAN Economic Community’s dawning in 2015.

Thailand is the region’s leader in agricultural production and industrial manufacturing, while Singapore is Asean’s leader in trading and shipping products around the globe.

The third round of the Singapore-Thailand Enhanced Economic Relationship (STEER) was held in Singapore on October 14th after a suspension of almost eight years.

After meeting with Singaporean Minister of Trade and Industry Lim Hng Kiang, Commerce Minister Niwatthumrong Boonsongpaisan said the two partners could cooperate in many sectors to promote economic growth between them and ASEAN.

Key industries for investment are agricultural and food products, cruises, infrastructure development, trade and customs facilitation, and information technology.

The plan will be proposed to the Singapore-Thailand Leaders’ Retreat in Singapore from November 26-27.

STEER is part of a strategy by the two governments to progress towards the AEC before 2015 and to maintain competitiveness in markets around the world.

The Commerce Ministry’s data show Singapore as Thailand’s third-largest trading partner in ASEAN after Malaysia and Indonesia.

In 2012, bilateral trade between Singapore and Thailand rose by 0.8 per cent year-on-year to S$32.2 billion.

Thailand was Singapore’s 10th largest trading partner in 2012 while Singapore was Thailand’s seventh largest trading partner.

In 2012, Singapore was also the second largest investor in Thailand, with accumulated foreign direct investment (FDI) worth US$24.1 billion.

Last year, two-way trade declined by 2.82 per cent to US$18.66 billion (Bt584.2 billion), consisting of $10.83 billion in exports from Thailand to Singapore – chiefly oil, jewellery and ornaments, electronic circuits, computers and parts, as well as chemical products – and $7.83 billion in imports from the island state.

Source : The Nation | October 15, 2013

About thomasdinnocenzi

Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
This entry was posted in Business, Economy, Global Sourcing and tagged , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s