Thailand adds funds to joint rubber venture


BANGKOK, March 26 – The Thai cabinet today approved an injection of US$3.3 million (Bt109.89 million) into the tripartite rubber consortium for rubber price stability in the global market.

Government spokesman Tossaporn Serirak said the additional financial contribution to the International Rubber Consortium Limited (IRCo) will take effect in the next fiscal year.

Indonesia will contribute an additional US$2.8 million and Malaysia US$1.67 million. The stake proportion of Thailand, Indonesia and Malaysia in the IRCo are 2, 1.5 and 1 respectively.

The three countries are the world’s major producers and exporters of rubber.