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Thais Call For Alliances To Tap New Markets

News From : DagangHalal.com (08 Apr 2010)

THAILAND is eager to join forces with Malaysia to exploit business opportunities in a third country, said its visiting top trade official.

Food (halal based), autoparts, textiles, gems and jewellery and construction projects are some of the potential partnerships both countries can look to in tapping markets in the Middle East.

Kiat Sittheeamorn, president of the Thailand Trade Represenative office in Bangkok, said it is important that Asean member states discard their protectionist-style of the past and be more globalised by 2016.

“We need to look at ourselves differently now. Regional integration is not a zero sum game. You cannot operate alone. You need to form new alliances and networks, while stakeholders, both public and private, need to work together,” he said.
Kiat, who is leading a 130-member strong trade and investment mission to Kuala Lumpur, is flying off to Bahrain today to look into the prospects of participating in a 5,000 housing unit project there.

“We’d like to see a joint venture between Thai and Malaysian businesses in this area, while in the tourism sector, we can also identify areas where we can work together.”

With the emergence of the world’s single largest trading block in 2015 between Asean and its six major trading partners, Kiat said it is important to have synergistic ties in the area of production where countries can complement each other.

“We need to make changes and the business people also need to make changes … the (current) model has to change,” he added.

Over the past decade, Thai businesses have invested in total 10 billion baht (100 baht = RM11.04) in Malaysia, he said.

He described the Thai investment picture as one of confidence as the applications for investment approval last year jumped by 80 per cent to record one of the highest in 14 years, with 1,573 projects with a potential value of 723.4 billion baht.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said now is the time to promote joint ventures as Asean takes its place as the vibrant growth centre in the world.

Thailand currently ranks as Malaysia’s fifth top trading partner with US$15.91 billion (RM52 billion) total trade last year.

Meanwhile, CIMB group chief financial officer Kenny Kim said the bank plans to list its Thai subsidiary on the Stock Exchange of Thailand in “a few months”.

CIMB now owns 93.15 per cent of Bank Thai, with equity investment of RM1.8 billion.

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