Thailand and Mongolia have agreed to double the volume of their bilateral trade in the next three years, from 2014 to 2017, and strengthen their bilateral relations and cooperation in many areas.
In the weekly program “Yingluck Government Meets the People” on 4 May 2013, Prime Minister Yingluck Shinawatra stated that her recent visit to Mongolia had proved successful and that Thai business people accompanying her on this trip had seen greater opportunities to invest in Mongolia.
She cited the automobile industry as a major sector that has good potential for investment in auto part manufacturing in Mongolia, which is rich in natural resources, especially gold and other rare mineral ores.
Both Thailand and Mongolia also discussed cooperation in mining, agriculture, food processing, healthcare, tourism, and renewable energy. Prime Minister Yingluck and her counterpart Norovyn Altankhuyag looked forward to the conclusion of an agreement between the two countries for the promotion and protection of investments.
Thailand agreed to support research in vocational education in Mongolia, as well as student and academic exchanges between the two countries. The Prime Minister of Mongolia had asked Thailand to open direct flights between Bangkok and Ulaanbaatar, the capital of Mongolia. Concerning this issue, Prime Minister Yingluck said that an assessment would be made for the possibility of the aviation service, taking into consideration that the direct flights could offer greater investment opportunities between the two countries.
According to the joint statement between Thailand and Mongolia, the two Prime Ministers witnessed the signing of the Memorandum of Understanding between the Government of the Kingdom of Thailand and the Government of Mongolia on the establishment of the “Consultative Body on Bilateral Cooperation” and the Agreement between the Ministry of Science and Technology of the Kingdom of Thailand and the Ministry of Education and Science of Mongolia on Cooperation in the Fields of Science and Technology, and the Memorandum of Understanding between the Mongolian National Chamber of Commerce and Industry and the Joint Standing Committee on Commerce, Industry, and Banking of Thailand.
Both leaders agreed that the two countries should take the opportunity of the 40th anniversary of diplomatic relations in 2014 to organize cultural and educational activities in their respective countries. They noted the shared cultural similarities, Buddhist beliefs and traditions, and historical links. The Mongolian side also showed interest in sending high-profile patients for medical treatment in Thailand.
The Prime Minister of Mongolia welcomed Thailand’s proposal to host the first meeting of the “Consultative Body on Bilateral Cooperation” in Thailand in 2014. He also accepted Prime Minister Yingluck’s invitation to pay an official visit to Thailand in 2014, as part of the celebration of the 40th anniversary of diplomatic relations between the two countries.