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Thailand signed a memorandum of understanding (MoU) yesterday to establish a joint venture for trade and economic cooperation with Austria to improve bilateral trade and strengthen economic cooperation.
Speaking after signing the MoU with Austria’s Minister of Labor and Economy, Martin Kocher, Trade Minister Jurin Laksanawisit said that Thailand will use this event to reduce trade disputes. , to stimulate shipping and increase foreign direct investment while increasing business opportunities for the private sector.
Thailand is also interested in expanding cooperation, especially in areas where Austria has special interests in Thailand’s development, such as engineering, organic farming, circular economy, engineering, robotics, and automation. , textile technology and human resource development. .
Mr Jurin said that the relevant departments of the two parties are discussing the schedule for the first meeting of the joint working parties, which may be the first quarter of 2023.
He said Thailand had also asked EU member Austria to help support the revival of the long-awaited free trade agreement between the EU and Thailand, as it would further trade and investment between trading partners.
In addition, Mr Jurin said that the minister encouraged Austrian companies to attend next year’s Thai trade shows such as Style Bangkok (in March), Thailand International Auto Parts & Accessories Show (April), Thaifex–Anuga Asia 2023 (May) and Bangkok Gems & Jewelry (September), focusing mainly on Austrian companies in the automotive, engineering and other sectors are interested in investing here.
Thailand asked Austria to support the country hosting the 2028 Special Olympics.
In 2021, the total bilateral trade between Thailand and Austria will reach US$737 million, while exports to Austria will reach US$267 million, an increase of 17.6% year-on-year. -year, with imports at $469 million, down 9.06%.
In the first nine months of this year, bilateral trade between the two countries fell by 4.13% to $527 million.
Major export products include automobiles, hardware and components, gems and jewelry, cosmetics, soaps and skin care products, gas and components, switchboards and electrical control panels, clothing, computers and parts, electrical equipment for heating machines and parts, rubber products, machinery. and mechanical components.
Imported products include machinery and parts, jewelry, gems, silver and gold bars, electrical machinery and parts, circuit boards, glass, glass products, pharmaceuticals and drugs, auto parts and accessories, chemicals, railroads and components, and metal products.
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