Thailand, Maldives cement closer ties

The first-ever visit by a Thai Prime Minister to the Maldives since the establishment of diplomatic relations 34 years ago, is a positive development in securing closer bilateral trade ties and establishing greater economic cooperation.

After bilateral talks between Maldives President Mohamed Waheed Hassan and Thai Premier Yingluck Shinawatra, the two countries produced a joint statement intending to double bilateral trade to more than US$200 million (Bt6 trillion) by 2018.

The leaders stressed the importance of enhancing bilateral cooperation by promoting investment in many fields, ranging from renewable energy and waste management to infrastructure development.

According to figures from Thailand's Trade Negotiations Department, two-way trade was valued at $109.17 million last year, an increase of 0.41 per cent year on year. Thai shipments to the Maldives rose 6.89 per cent year on year to $73.01 million, while imports from the Maldives were worth $36.16 million, a decline of 10.53 per cent.

The two leaders also witnessed the signing of the "Trade and Economic Cooperation Agreement", the "Comprehensive Framework Agreement on Cooperation", the "Treaty on the Transfer of Offenders and Cooperation in the Enforcement of Panel Sentences" and the "Memorandum of Understanding on the Establishment of Bilateral Consultations". 

Commerce Minister Boonsong Teriyapirom said both sides had noted that several leading Thai hotel chains and private companies were already establishing a presence in the Maldives and agreed to facilitate the implementation of investment projects in both countries, with an emphasis on food processing, infrastructure development, construction, and hospitality-related businesses.

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