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Thai businesses promised to invest more in the Philippines, focusing on the food and infrastructure sectors in particular.

According to a news statement from Malacaang, Kriengkrai Thiennukul, chair of the Federation of Thai Industries, made this vow during a roundtable meeting between Thai business leaders and Philippine economic managers and officials on Saturday in Bangkok.

According to Thiennukul, “We are prepared to support…investing in food security and infrastructure, such as transportation, and boosting tourism with the Philippines to enhance the business sector for future reciprocal expansion between the two countries.”

He voiced his belief that closer ties between Thailand and the Philippines would support the economic development of each nation.

We are happy to encourage trade, investment, and other forms of cooperation. I am certain that Thailand and the Philippines’ close ties and cooperation will enable us to meet our respective economies’ trade and investment goals in the future, to the benefit of both nations.

Thiennukul spoke to issues that both Asian economies share, such as the pandemic, the effects of climate change on the supply chain, and the unpredictability of world politics, while stating the need to resuscitate the economy, particularly with an emphasis on sustainable development.

“Our shared objective is to concentrate on the cooperative advancement of public health, particularly inside the ASEAN Framework. The application of the BCG Model, the growth of the digital economy, and the use of digitalization all contribute to the revival of the economy, he continued.

The Thai government has developed the BCG, or Bio-Circular-Economy model, as a plan for national development and post-pandemic recovery to hasten the country’s progress toward attaining the majority, if not all, of the Sustainable Development Goals in the post-Covid era.

In an effort to promote investments and develop economic cooperation between the Philippines and its Association of Southeast Asian Nations (ASEAN) neighbors, President Ferdinand R. Marcos Jr. met with Thai business representatives.

A nonprofit organization that represents the Thai industry is the Federation of Thai Industries.

It acts as the main organization that links the public and private sectors as well as the connections between domestic and foreign business owners and industrial consumers.

more opportunities for business

George Barcelon, president of the Philippine Chamber of Commerce and Industry (PCCI), welcomed Marcos’ participation in the 29th APEC and his meetings with Thai business associations, saying that they had created many opportunities for the Philippines and Thailand to work together more closely in the future.

“The reality that everything is twice as expensive because of a number of uncontrollable reasons. But having said that, I believe the President suggests working with Thailand “said Barcelona.

He noted the Thai conglomerate CP Group’s desire to increase investments in the aquaculture and agriculture sectors of the Philippines.

CP Group had promised to increase its investments in aquaculture, rice, and swine production in the Philippines.

Other Thai companies also indicated a desire to make investments in the energy and telecoms sectors.

These are all signs that the business community in Thailand has a good outlook, he continued.

He claimed that the Philippines is also considering assistance from Thailand’s expanding halal sector.

Thailand is currently the 13th-largest supplier of halal food worldwide.

“The Philippines has had its eye on this market for a while, but we haven’t really made any progress. Additionally, this has increased the likelihood that additional Thai businesses may assist us or perhaps invest in the Philippines to produce halal cuisine “added Barcelona.

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