Mutual gains flow from bilateral talks between Cambodia and Thailand

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Mutual gains flow from bilateral talks

By Phoojadkarn Daily 19 February 2006 14:55


Thailand and Cambodia yesterday expressed optimism that the value of
their bilateral trade, investment and tourism spending during the next
three years will double from this year’s forecast of US$1.18 billion.

Deputy Prime Minister and Commerce Minister Somkid Jatusripitak made
the forecast after meeting with Cambodian Prime Minister Hun Sen and
Cambodian Commerce Minister Chom Prasit on the sidelines of the second
Thai-Cambodian Joint Trade Committee (JTC) forum held in SiemReap
yesterday aimed at strengthening bilateral trade and economic ties.

Somkid said the two countries are jointly exploring ways of realizing
their vision to increase the number of third-country visitors to
Thailand and Cambodia annually during the next three years.

The main marketing point is Cambodia’s ancient site of Angkor Wat,
one of the seven wonders of the world, said Somkid. Thailand and
Cambodia will hold a bilateral tourism meeting later this year, he
added.

On trade, Somkid said Thailand has reduced in import tariffs to zero
percent on 10 products: eucalyptus, sweet corn, animal corn feed,
peanuts, soybeans, green beans, cashew nuts, potatoes, Job’s tear
seeds and castor seeds.

He said the decision was in line with an agreement reached at a meeting
of the Ayeyarwaddy-Chao Phraya-Mekong Economic Strategy grouping, which
also includes Myanmar, Laos and Vietnam.

Somkid suggested that Cambodia’s state and private sectors jointly
organize an investment roadshow to Thailand to enable Cambodian
businesspeople to meet their Thai counterparts and brief them on the
political situation in Phnom Penh, as well as woo Thai investors to
invest in Cambodia. Somkid said many Thai entrepreneurs are keen to
invest in Cambodia’s textile and processed food industries.

In discussions on investment, the two countries have pledged to
expedite a plan to transform Cambodia’s Koh Kong, Poipet and O-niang
into special economic zones that will award special investment tax
incentives to investors, to help Cambodia boost its annual trade and
investment figures, Somkid said. Somkid and Chom Prasit witnessed the
signing of a memorandum of cooperation between Thai and Cambodian
companies yesterday.

The Thai signatories included Black Canyon, which operates and
franchises My Bread food and coffee; ice cream chain Harvel (Thailand);
and Sushi Venture, which runs the Aiko chain of Japanese restaurants.

Chom Prasit said Cambodia welcomed the suggestion about a roadshow to
Thailand this year, as it will help to attract more Thai investors.

New investment will create jobs and help to reduce the number of
illegal migrants, Chom Prasit said, adding that he would be happy to
see Thailand become the locomotive of the Cambodian economy. He also
asked Thailand to help Cambodia develop a One-Tambon-One-Product
scheme.

Export Promotion Department Director-General Chantara Buranarerk said
that Cambodia is Thailand’s 24th-largest export market, leaving
plenty of room for expansion.

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