War rooms set up to stimulate exports

The Commerce Ministry has set up war rooms to spur exports, tackle obstacles to trade and curb the negative impact of a global economic slowdown in 2023.

War rooms set up to stimulate exports
Business

War rooms set up to stimulate exports

published : 10 Dec 2022 at 04:00

newspaper section: Business

writer: Phusadee Arunmas

The Commerce Ministry has set up war rooms to spur exports, tackle obstacles to trade and curb the negative impact of a global economic slowdown in 2023.

Jurin: Three target markets

Commerce Minister Jurin Laksanawisit, who chaired a meeting of the joint public-private committee on commerce, said the war rooms are staffed by senior ministry officials and representatives from private organisations.

The committee is chaired by the commerce minister and the representatives are picked from the Thai Chamber of Commerce, the Federation of Thai Industries, the Thai National Shippers' Council, the Thai Bankers' Association, and the Federation of Thai SMEs.

According to Mr Jurin, yesterday's meeting agreed on cooperation to tap three high-potential markets: the Middle East, South Asia and CLMV (Cambodia, Laos, Myanmar and Vietnam).

Thailand's exports to the three markets are estimated to reach 1.7 trillion baht this year and 2 trillion in 2023.

He said in the Middle East, Thailand is targeting Saudi Arabia, the United Arab Emirates (UAE) and Qatar, with a view to exporting food, auto parts, air conditioners and construction materials.

Thailand has ambitions to grow exports to the three target countries in 2023 by 15.7%, up from an estimated US$8.9 billion this year to $10.3 billion, said Mr Jurin.

For the South Asian market, the targets are India, Bangladesh and Nepal.

Thailand's goal is to increase exports by 10% to India, Bangladesh and Nepal next year to $13.2 billion from an estimated $12 billion this year.

Key export products include chemicals, plastic pellets, automobiles and auto parts.

He said Thailand aims for export growth of 10-15% in the CLMV market next year, from $28 billion to $33.5 billion, with key export products including construction materials, electrical appliances, plastic pellets, garments and textiles.

The ministry also vows to stimulate border trade next year, particularly for food, fruit and vegetables.

The committee wants the minister to lead trade missions to targeted countries such as the UAE, a key gateway to the Middle East; India, with a specific focus on Gujarat state; and China's Yunnan province.

Mr Jurin said the meeting also proposed the ministry ramp up the formation of mini-free trade agreements with potential cities in England, Pakistan, and countries belonging to the Gulf Cooperation Council (GCC).

The GCC is an intergovernmental, political and economic union comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

For the first 10 months of 2022, Thai exports expanded by 9.1% to $243 billion, while imports rose by 18.3% to $259 billion, resulting in a trade deficit of $15.5 billion.

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