Sri Lanka and Thailand are in the process of formulating the envisaged Free Trade Agreement (FTA) between the two countries.
Thailand’s Deputy Prime Minister Dr. Somkid Jatusripitak proposed to visiting Development Strategies and International Trade Minister Malik Samarawickrema the relationship be elevated to a strategic economic partnership, as a precursor to its conclusion.
The FTA and deepening of economic ties with Thailand are all aimed at tripling bilateral trade to reach the target of US$ 1.5 billion over the next five years as endorsed by the leaders of the two countries.
Minister Samarawickrema welcoming this proposal underlined the need to identify focused cooperation in priority areas for the two countries. The areas of agriculture, gems and jewellery, electronics, rubber automotive parts, processed foods, industrial parks and tourism were some which were originally outlined by Minister Samarawickrema.
In furtherance of the bilateral economic ties Deputy Prime Minister Somkid undertook to visit Sri Lanka in August 2017, with a high level delegation in response to the Sri Lankan Minister’s invitation.The two sides undertook to identify the priority sectors of cooperation under this partnership for formalisation.
The visiting Ministers also met Thai Industry Minister Dr. Uttama Savanayana, who emphasized the need for countries of the Asian region to come together as partners in the present international climate.The Minister proposed that with the availability of high quality gem stones in Sri Lanka, joint ventures could be established in Sri Lanka. Minister Samarawickrema also requested for there to be transfer of technological knowledge, capital and regular exchanges at official level.
The Ministers also met by the founder and CEO of Amata Corporation, Vikrom Kromadit, who offered to share his experience in industrial estate development.
Meetings with the private sector were facilitated by the Board of Trade, with representatives from the associations of rice producers, tuna & frozen food, processed food, hospitality, sugar, textiles & apparel, gem & jewellery, heavy machinery, construction, energy, automotive parts and financial services.
Fisheries and Aquatic Resources Minister Mahinda Amaraweera and State Agriculture Minister, Wasantha Aluvihare were in also Thailand.Minister Amaraweera said that Thai investors should consider the aquaculture parks in Sri Lanka, with special interest in crab and prawn breeding.
They brought these prospects to the attention of the Thai private sector. The delegation visited Amata Nakorn Industrial Estate in Chonburi Province.
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