Thailand awaiting Pakistan’s response to FTA
Experts believed that country’s imports would touch $7 billion, which would result in a trade deficit of around $4 billion. PHOTO: FILE
Thailand is keen to promote trade ties with Pakistan and both countries have immense potential to enhance the exchange of goods, said Thailand Ambassador Chakkrid Krachaiwong.
Talking to businessmen at the Islamabad Chamber of Commerce and Industry (ICCI) on Friday, the envoy said that Thailand was waiting for Pakistan’s response to the proposed free trade agreement (FTA).
He revealed that last chapter of the deal was yet to be finalised and it was expected to boost trade between the two countries.
He listed seafood, pharmaceutical products, gems and stones, IT infrastructure, tourism and agro products as potential areas for deepening cooperation between the two nations.
“Thailand is constructing many high-rise buildings and Pakistani marble and granite sector has an excellent scope in the Thai market,” he pointed out. “Thai investors are also interested in investing in food processing and food chain businesses in Pakistan.”
Calling Pakistanis generous and hospitable, the ambassador noted that many Thai tourists were keen to visit the country.
He stressed that in the post-Covid scenario, both countries should focus on promoting people-to-people contacts because they could help in improving relations.
Speaking on the occasion, ICCI President Muhammad Shakeel Munir briefed the Thai ambassador about the potential of foreign investment in various sectors of Pakistan’s economy and urged investors to take benefit of the avenues by investing in Pakistan.
“Many local products including marble and granite, medicines, surgical instruments, sports goods, leather products, mangoes and others can find a huge market in Thailand, which should focus on Pakistan to meet its import needs,” he emphasised.
According to Munir, the bilateral trade value of $1.6 billion is far below the actual potential of both countries, which should facilitate their private sectors for improving the volume of two-way trade.
Highlighting that Pakistan was producing diverse varieties of marble and granite with mechanised mining, he requested Thailand to import those products from the South Asian nation to meet needs of its construction sector.
Published in The Express Tribune, February 19th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.