UK secretary arrives for talks
Liam Fox became the first British trade secretary to visit Thailand in 15 years when he arrived in Bangkok yesterday to boost trade and investment between the two countries.
Thailand is the second-largest economy in Southeast Asia, and bilateral trade with Britain rose by 2.8% to £5.6 billion (245.9 billion baht) between 2015 and 2016. The majority of British exports to Thailand consist of machinery, vehicles and mechanical appliances.
The British embassy in Bangkok said Mr Fox, the secretary of state for international trade, will seek to expand the two-way relationship and raise the prospect of Thailand holding elections when he meets leading business people and Thai ministers, including Deputy Prime Minister Somkid Jatusripitak; his counterpart, Commerce Minister Sonthirat Sonthijirawong; and Pichet Durongkaveroj, the digital economy and society minister.
Thailand is carrying on with its Industry 4.0 strategy, with a particular emphasis on moving towards a digital economy, including rolling out high-speed internet for villages and setting up a big data analytics centre.
Mr Fox will showcase how Britain’s world-class digital sector can support the strategy, and he will promote the capability of British companies in areas such as financial services and transport.
Mr Fox is set to announce that Britain’s export credit agency, UKEF, has doubled the finance available for British businesses wanting to export to Thailand to £4.5 billion.
UKEF will welcome applications for support from British companies exporting to Thailand and for Thai buyers of British goods and services.
For t he first time, UKEF support will be available in Thai baht, allowing buyers in Thailand to “buy B r i t i s h , pay l ocal” and making exports from Britain even more competitive.
Following the lifting of the ban on British poultry, Mr Fox will also announce an export win for British company Aviagen on the visit.
Based in Stratford-upon-Avon and Newbridge, Aviagen will generate £40 million in extra exports over the next five years by exporting grandparent breeder day-old chicks and hatching eggs to the Thai market.
“The UK’s trade with Thailand is growing steadily, but there is still huge untapped demand for British goods and services across the Thai economy, which is growing strongly and has a large middle class,” Mr Fox said.
“The IMF predicts 90% of global growth in the coming years will come from outside the EU, and this government is putting the UK in a position to benefit, particularly by boosting export finance and showcasing British companies to the Asian market.
“As an international economic department we will continue to use visits such as this to help businesses of all sizes forge ties and cultivate relationships with potential buyers and investors in growing markets around the world.”