Maldives, Thailand aims to increase trade, investment to $200 million

Maldives and Thailand has commenced efforts to increase joint trade and investment to $200 million by 2018.

The two countries signed a Trade and Economic Cooperation Agreement which established a Joint Trade Committee on June 1st this year, during a visit by the Thai Prime Minister Yingluck Shinawatra.

Thai newspaper “The Nation” reports that during first meeting of the Joint Trade Committee between the two countries in Bangkok, the Maldives sought Thailand's assistance in investment promotion, especially for small and medium-sized enterprises.

The paper stated that during the meeting, Thailand's Trade Negotiations Department agreed to explore opportunities to attract Maldivians to Thai healthcare facilities and increase exports of rice, food and textiles, together with skilled labour in service industries. The committee is to further discuss the issue of Thai skilled labourers such as spa therapists, chefs and mechanics working in Maldives.

Director General of Thailand's Trade Negotiations Department Piramol Charoenpao said Maldives has expressed their interests for Thai enterprises to invest in hotels and resorts in the Maldives, together with infrastructure projects such as a harbour and airport as well as the healthcare, health-tourism, fisheries and processed-food sectors.

Piramol also noted that Maldives has called for visa requirements to Thailand to be waived to boost the number of Maldivian tourists and entrepreneurs that visit the country.

She said that the Thai government also wants to see an increase in Maldivian tourists, particularly medical tourists and that Thailand has asked Maldives to include Thai hospitals in health-insurance schemes, so Maldivian patients can ask for medical treatment Thailand.

Thailand also asked Maldives to import more Thai goods such as rice, agricultural products, processed foods, textiles and electronic parts. Additionally, Thailand wants to learn more about Maldivian sustainable fisheries policies and management practices.

The Joint Trade Committee was convened in parallel with a business conference matching firms in the fisheries, construction, tourism and healthcare sectors.

"The results are satisfying for both sides," Piramol said.