GEORGE TOWN: THAILAND is eager to expand its trade relations with Penang, with a special focus on the construction and seafood sectors.
Akarapong Dipavajra, director of the Trade and Investment Cooperation Division of the Foreign Trade Department of Thailand’s Commerce Ministry, said with existing cultural and historical ties, Penang was a sweet spot for trade and commerce.
“Penang has the right infrastructure and is well developed. We see many multinational companies setting up shop here and we feel there is a large untapped potential,” he said at a Thai-Penang business matching seminar at the Traders Hotel, here, recently.
The session was attended by 50 members of the Thai Chamber of Commerce and Board of Trade and more than 100 Penang businessmen.
The Thai delegates were visiting Perlis, Kedah, Penang Perak from Sept 23 to 26 to explore business tie-ups and opportunities.
Akarapong said the northern region would benefit from the spillover effects of its Special Border Economic Zone (SBEZ) in Sadao, Songkhla, near the Malaysia-Thai border.
“This zone is expected to be launched next year and we expect Penang to reap many benefits from it,” he said.
The SBEZ is one of five special economic zones mulled by the Thai government to boost border trade and prepare for the arrival of the Asean Economic Community next year.
The other SBEZs are in Mae Sot (near the Thai-Myanmar border, Aranyaprathet (bordering Cambodia in the east), Khlong Yai (bordering Cambodia in the southeast) and Mueang, Mukdahan (bordering Laos in the northeast).
Penang Deputy Chief Minister I Datuk Mohd Rashid Hasnon said the business matching session was a boon to both countries.
“There are opportunities for greater collaboration with Thailand, especially in halal products, food and tourism within the Indonesia-Malaysia-Thailand Growth Triangle,” he said.
Rashid said Thailand ranked ninth in the number of tourists passing through Penang International Airport last year, and it had gone up by another four per cent in the first half of this year.
The Malaysia External Trade Development Corporation said Malaysia-Thailand trade last year was valued at RM78.6 billion.
Thailand is Malaysia’s second largest export market after Singapore.
Malaysia exports automobile components, electric and electronic parts, crude petroleum, machinery, chemicals, and chemical products to Thailand.
In return, Thailand exports rubber, transport equipment and food products to Malaysia.