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| • EXCH RATES |
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Baht/$ 33.51/56
Bid/Ask
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GOLD |
14,350
+ 350
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ASIA FOCUS
Though the trade volume between Thailand and Turkey is still minuscule when compared to other countries, Thai investors should not overlook the opportunity on this new frontier, according to Panumas Malasee, director of the Thai Trade Center in Istanbul.
"Thai exporters should not overlook Turkey but should pay serious attention to the market as they can benefit from the location of the country. The thing is, through Turkey, products can easily pass to other countries in eastern Europe and EU countries," Mr Panumas explained.
According to recent statistics, Thailand's exports to Turkey were worth a total of US$967 million in 2007, an increase of 31% from 2006. The top 10 products were automobiles and parts, rubber, thread and textiles, air-conditioners and parts, electronic devices, paper, steel and jewellery.
Thailand's imports from Turkey last year were worth $115 million, down from 2006 by 30%. The top 10 imported products included steel and iron, chemical products, clothing, machinery, ships, textiles, shoes and jewellery.
Mr Panumas said that Turkey was interested in establishing engineering companies in Thailand while Thais could still see more export opportunities in dried and canned food to Turkey. As well, spa businesses and decorative items are segments that have high potential in Turkey.
Currently, Turkey has free trade agreements with 10 countries including Israel, Romania, Bulgaria, Croatia, Bosnia, Egypt and Africa.
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