Thailand-Bahrain set up joint trade venture

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BANGKOK, April 19 – Thailand and Bahrain have jointly set up a company for trade between the two countries.

Deputy Prime Minister/Finance Minister Kittiratt Na-Ranong chaired the signing ceremony between representatives of both nations.

He said the move is to boost trade, in particular imports and exports in chicken as well as jewellery and accessories. Businesspersons from both Thailand and Bahrain participated in the signing ceremony.

Mr Kittiratt said trade between the two countries increased 40 per cent with around US$500 million in value after Thai Prime Minister Yingluck Shinawatra visited Bahrain in mid-2012.

The finance minister said Bahrain has a food security policy to use Thailand as a centre for buying food supplies, and the purchasing power of the Bahraini has increased, creating opportunities for the Thai private sector to expand business to the Middle East.

Thailand Trade Representative president Olarn Chaipravat said the collaboration will help boost bilateral trade on energy and food, for Bahrain is rich in oil reserves and a big market for oil trade, while Thailand is a producer of food and other agricultural products.

Bahrain will set up a centre for agricultural products in Thailand to export to Bahrain, and will serve as Thailand’s gateway to penetrate other Middle Eastern and African markets.

Bahrain sees Thailand as its gateway to the Association of Southeast Asian Nations (ASEAN).