PNG keen to foster ties with Thailand

Forging a close relation with Thailand in trade and investment is vital to PNG in advancing agriculture, fisheries and manufacturing industries, says Minister for International Trade and Industry, Richard Maru.

After returning from a trip from Thailand, Minister Maru said a strong trade and investment relationship with the Government of Thailand, its private sector, targeting potential investors and the people to people ties with Thailand, can help PNG. 

Maru related that in Thailand there are 30,000 Japanese owned companies operating in which they employ over 1 million people from Myanmar to assist with low-cost labor in their manufacturing industry, to ensure they continue to be a low-cost producer of goods and services for the world. 

“They have developed their tourism industry and today enjoy an influx of 40 million tourists a year. Thailand has moved to industrialization starting with manufacturing first all their agriculture products and now they have moved to automobile and other hi-tech industries,” he stated. 

Minister Maru was inspired as he envisioned a similar path for our PNG economy to follow in order to be transformed over the next 20 years.

“If we develop a long and enduring partnership with Thailand and benefit from their business models, capital and technology, their leading global brands and reputation and access their well-established global markets”

He said PNG could also benefit from a strong trade and investment partnership with Thailand in areas like tourism development and developing Special Economic Zones (SEZs). 

“We found out from our visit to the Industrial Estates Authority of Thailand that is equivalent to our new Special Economic Authority that over the last 30 years they have built 4922 factories, built four international ports, accumulated over US$200 billion in Special Economic Zones and created directly 932,258 new jobs,” Minister Maru exclaimed.

He added that the Government’s vision to anchor our future by building Special Economic Zones to drive economic growth, large scale mass employment opportunities and vast wealth creation opportunities is the right way to go, based on global experience from countries like Thailand.  

He urged that the opening of PNG’s new Embassy this year in Thailand has to be given highest priority. 

Meanwhile, the first large scale investor that the delegation met and have invited to come to explore investment opportunities in PNG is scheduled to arrive in Port Moresby early next month.

Author: 
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