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 senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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