Kuwait Urged to Invest More in Thailand

(19/10/2012)

Kuwait has been urged to invest more in Thailand, which is increasingly recognizing that there is huge potential for growth in trade and investment with the Middle East. Prime Minister Yingluck Shinawatra headed a delegation of leading Thai business people to pay an official visit to Kuwait during her participation in the first Asia Cooperation Dialogue Summit, held in Kuwait City on 15-17 October 2012. The members of the business delegation were involved in several fields of business, such as food, auto parts, health and medical tourism, construction, jewelry, and energy. Prime Minister Yingluck stated that both sides would benefit from exports, if Kuwait used Thailand as a gateway to ASEAN and if Thailand also used Kuwait as a gateway to Gulf Cooperation Council countries. Kuwaiti Prime Minister, His Highness Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, agreed to encourage the business communities of both countries to widen their cooperation. Prime Minister Yingluck told Kuwait that Thailand is investing in huge transportation development projects under the frameworks of the Greater Mekong Subregion Economic Cooperation and ASEAN. These projects will link Thailand to neighboring countries, China, India, and beyond. She urged the Kuwait Fund for Arab Economic Development and the Kuwait Investment Authority to join the projects. The Prime Minister said that Thailand is ready to share technical know-how in agro-business with Kuwait. Both sides agreed to cooperate in halal science technology and health business. Prime Minister Yingluck said that Thailand remained attractive to investors and that it was looking for partners to help produce and export halal food. Thai halal food exports in 2011 rose by 30 percent. She also welcomed more Kuwaiti nationals to visit Thailand for medical services, saying that the Thai government had agreed that the permitted length of stay for foreigners seeking medical services in Thailand be extended from 30 to 90 days. Regarding financial business, she urged Kuwaiti investors to invest more in the Thai capital market, and said that Thailand is ready to host a Kuwait-Thailand capital road show to facilitate Kuwaiti investment in Thailand. Moreover, she also proposed that both countries undertake joint ventures in third countries. In Kuwait, many Thai business people are interested in investing in energy development, health services, and tourism business. During the past five years, trade between Thailand and Kuwait increased by 185 percent. More than 40,000 Kuwaiti tourists visited Thailand in the first half of 2012. Kuwait is currently pursuing a “Look East Policy,” recognizing the strategic importance of Southeast Asia, a region that provides ample opportunities for future trade and investment.