Thailand is pinning high hopes on four of its neighbours to help offset shrinking shipments to key market destinations, aiming to boost exports to these markets by 13.6% this year.
Commerce Minister Apiradi Tantraporn said Cambodia, Laos, Myanmar and Vietnam (CLMV) plus Thailand were now ready to become Asia's new growth engine thanks to regional connectivity, global value chains and inclusive tourism.
Thai exports to the four countries currently account for 10.4% of the country's total, underlining their importance as trading partners. The Commerce Ministry predicted Thai exports to CLMV would amount to US$25.307 billion this year.
"Amid the world's economic slowdown, CLMV has still managed to see strong economic growth, averaging 5.8% from 2011 to 2014, with per capita income of US$2,927," she said.
"Those countries have a combined population of 194 million, most of whom are of working age and with an enormous amount of purchasing power," added Mrs Apiradi.
In a move to boost trade, investment and tourism, the Commerce Ministry has teamed up with the Tourism and Sports Ministry to organise CLMVT Forum 2016: Towards a Shared Prosperity, between June 16 and June 18.
The three-day event will be attended by businesses leaders, entrepreneurs, start-up owners and government officials from the CLMVT countries. Participants will be able to share their experiences, with the event opening up opportunities to all businesses, both in Thailand and abroad.
It also aims to create regional connectivity between member countries, eliminate trade and investment barriers, promote domestic tourism and allow start-ups to make their presence known in the CLMVT region.
Tourism and Sports Minister Kobkarn Wattanavrangkul said more cooperation in tourism would be stressed, with Thailand being committed to ramping up both air and land links among the five countries.
The Tourism Authority of Thailand has already launched the Two Countries, One Destination campaign, introducing four new routes by three local airlines to connect Thailand with the booming tourism markets in neighbouring countries.
The first four routes are Chiang Mai-Luang Prabang and Chiang Mai-Vientiane on Bangkok Airways; Bangkok (Don Mueang)-Mandalay on Nok Air; and Bangkok (Don Mueang)-Vientiane on AirAsia.