Thai Prime Minister Paetongtarn Shinawatra met with Malaysian Prime Minister Datuk Seri Anwar Ibrahim to accelerate efforts towards a US$30 billion bilateral trade goal by 2027. Both leaders emphasized the importance of strengthening ties, streamlining regulations, and enhancing infrastructure to boost cross-border trade and investment along their shared border.
Thailand and Malaysia are intensifying their efforts to unlock the full potential of cross-border trade and investment, with a target of establishing a thriving economic corridor along their shared border. Thai Prime Minister Paetongtarn Shinawatra has highlighted the importance of strengthening ties, streamlining regulations, and enhancing infrastructure to achieve a US$30 billion bilateral trade target by 2027.
Paetongtarn, 38, acknowledged that Malaysia is one of Thailand's largest trading partners within the Association of Southeast Asian Nations (ASEAN), recording an average trade value of US$24.73 billion annually from 2017 to 2023. She emphasized that border trade currently accounts for over 30 percent of the total bilateral trade value, making economic activities along the Thai-Malaysia border crucial drivers of both countries' economic growth. Paetongtarn expressed her belief that there is still substantial room for expansion, urging both nations to encourage greater cross-border trade and investment to attain the targeted trade value of US$30 billion. Thailand remains a vital trading partner for Malaysia, ranking as its sixth-largest globally and second-largest within ASEAN in 2023, with bilateral trade valued at US$24.83 billion (RM113.16 billion). Between January and October 2024, trade between the two nations reached US$20.75 billion (RM95.50 billion), surpassing the US$20.69 billion (RM94.37 billion) recorded during the same period in 2023. Paetongtarn, who assumed office as the 31st Prime Minister of Thailand on August 16, 2024, stated that Thailand and Malaysia are prioritizing the integration of Special Border Economic Zones (SBEZs) to stimulate cross-border trade and investment. She and Malaysian Prime Minister Datuk Seri Anwar Ibrahim have urged relevant authorities to closely link the SBEZs, providing private sectors with greater opportunities and creating more job opportunities for people residing in border areas. Both nations are also supporting investment activities in various shared-interest industries, particularly the halal and rubber sectors, by cultivating a business-friendly environment for investors and fostering private sector cooperation from both sides. These commercial and investment endeavors will be bolstered by seamless cross-border transportation of goods and passengers, facilitated through the harmonization of rules and regulations, expedited negotiations on relevant Memoranda of Understanding (MOUs), and the development of key connectivity projects. These initiatives include the road alignment connecting the new CIQ Sadao in Songkhla with the ICQS of Bukit Kayu Hitam in Kedah, and the second bridge linking Rantau Panjang and Sungai Kolok. Paetongtarn further mentioned that both Prime Ministers have agreed to advance the progress of the integrated double-track rail link, particularly at Padang Besar, as well as the high-speed rail alignment. Additionally, she highlighted that Thailand and Malaysia are strengthening border security and connectivity, ensuring safe and lawful crossings while effectively combating illegal migration, drug trafficking, and smuggling. The youngest daughter of former Thai Prime Minister Thaksin Shinawatra emphasized that both nations are dedicated to securing border areas to facilitate economic activities and improve livelihoods. To support these endeavors, ongoing road and rail projects are being developed to boost cross-border trade and guarantee the safe movement of people. Future initiatives to further enhance border connectivity and transport safety include the Andaman Gateway in Satun and a new bridge connecting Tak Bai to Pengkalan Kubor
CROSS BORDER TRADE ECONOMIC CORRIDOR SPECIAL BORDER ECONOMIC ZONES THAILAND MALAYSIA ASEAN INVESTMENT
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