A Thai-Mongolian joint trade committee has been formed to promote trade and investment between the two nations. The move is part of efforts to enable Thai businesses and investors to penetrate new markets.
Deputy Prime Minister and Commerce Minister Jurin Laksanawisit represented Thailand in signing a memorandum of understanding (MoU) on establishing the Thai-Mongolian joint trade committee (JTC). The MoU was co-signed by Mongolian Foreign Minister Battsetseg Batmunkh with the aim of promoting and tightening trade, investment and economic collaboration between Thailand and Mongolia.
The first meeting of the Thai-Mongolian JTC took place immediately after the signing ceremony. Thai and Mongolian representatives resolved to establish a bilateral trade target of US$100 million within five years. The two parties also agreed to expand investments to 1.5 billion dollars by 2027 from 1.034 billion dollars currently.
According to Thai representatives, Thailand will become a food production source for Mongolia. Highlighted products will include chilled and frozen chicken; chilled, frozen and processed seafood; fresh fruit; fruit juice; canned fruit; ready-made meals, and snacks. Mongolian will meanwhile source raw materials such as minerals, leather and cashmere to Thailand.
Minister Jurin also asked Mongolian representatives to invite importers and investors to prominent trade expos in Thailand, including STYLE Bangkok, THAIFEX – Anuga Asia, and the Bangkok Gems & Jewelry Fair.
The two nations are also preparing to enact agreements for investment protection and the exemption of redundant taxes, as well as exploring the possibility of establishing a direct flight from the Mongolian capital, Ulaanbaatar, to Phuket, Thailand. Mongolian Airlines has already informed Thai authorities of its intent to operate the direct flight, with the Thai commerce ministry set to coordinate the matter with the relevant agencies.