Seminar promotes African opportunities
>> Trade volume between Thailand and Africa expanded by 23% in the last decade to reach US$8.2 billion (275 billion baht) in 2016. Thailand is Asean’s biggest trader, the biggest supplier of rice and is currently the bloc’s third largest investor in Africa, said Krerkpan Roekchamnong, director-general of the Department of South Asian, Middle East and African Affairs at the Ministry of Foreign Affairs.
“As we look at Africa today, one cannot ignore its growing role in the global economy and the opportunities it represents,” said Mr Krerkpan.
He said several leading Thai companies including PTT and CP have invested in many sectors in Africa, such as energy, fisheries, infrastructure, automobiles and tourism.
Meanwhile, many African governments have implemented measures to accommodate industrial development and enhance their investment climate, including investment promotion incentives, the creation of industrial and special economic zones, as well as the development of transport infrastructure, a seminar entitled “The Colours of Africa: Opportunity, Friendship and Cooperation”, co-hosted by the Ministry of Foreign Affairs and the Ministry of Commerce, was told.
Representatives from seven African embassies in Bangkok, namely Egypt, Kenya, Libya, Morocco, Nigeria, Sudan and South Africa, took to the stage to provide insights into their markets and present incentives and measures to attract Thai businesses and investors.
Mr Krerkpan also emphasised the growing importance of Africa’s economies, as many African countries are among the fastest-growing economies in the world, which present trade, investment and tourism opportunities for Thailand. Its population, which amounted to 1.2 billion in 2016, also presents a vibrant workforce.
Nigeria, Ethiopia and Mozambique are among the countries described by the World Bank as the fastest-growing economies in the world.
Mr Krerkpan also stressed growing people-to-people contacts between Thailand and Africa.
“Africa is known for its abundant natural resources including precious metals, it is now also a vibrant continent for international trade and investment,” said Vannaporn Ketudat, deputy director-general of the Department of International Trade Promotion at the Ministry of Commerce.
“Africa today is a hotbed for economic, cultural and educational exchange, so it is the right time to work closely with our African partners in order to promote trade, investment and tourism between Thailand and African countries.”
Under the Thailand 4.0 policy, the government is encouraging entrepreneurs to connect to new markets, with Africa chief among them. To accommodate this, the Ministry of Commerce has established the New Economy Academy to develop the competitiveness of Thai entrepreneurs.