Thailand and Singapore are scheduled to sign five memorandums of understanding (MoUs) on intellectual property, agriculture and sustainable businesses this week.
According to Trade Negotiations Department director-general Auramon Supthaweethum, the MoUs will be signed on Wednesday by related agencies on the sidelines of the sixth ministerial meeting of the Singapore-Thailand Enhanced Economic Relationship (STEER) in Bangkok.
Commerce Minister Jurin Laksanawisit and Tan See Leng, Singapore's Manpower Minister and Second Minister for Trade and Industry, are scheduled to co-chair the meeting, which is aimed at accelerating cooperation on innovative agriculture, digital economy, investment, tourism and intellectual property. The economic cooperation will support sustainable business growth in the two countries, said Mrs Auramon.
She said the Intellectual Property Department of Thailand and the Intellectual Property Office of Singapore are scheduled to sign an MoU on cooperation.
In addition, the Swine Producers and Processors for Exporting Association of Thailand is slated to sign an MoU with the Meat Traders Association of Singapore on pork, while the Thai Broiler Processing Exporters Association will sign a cooperation MoU on poultry with the Meat Traders Association of Singapore.
On agriculture, Kaset Thai International Sugar Corporation Plc and Evercomm and Bureau Veritas of Singapore are set to sign an MoU, while PTT Oil and Retail Plc is set to sign an MoU with Retail Business Plc and Sleek EV Co of Singapore.
During the STEER meeting, the Commerce Ministry is scheduled to present online business matching activities as well as a bio-, circular and green product showcase on items such as plant-based protein products, alternative meat and processed food from natural raw materials to Singapore importers.
Singapore is Thailand's fourth-largest trading partner in Asean and the country's eighth-largest trading partner globally.
In the first eight months of 2022, bilateral trade amounted to US$12.9 billion, up 20.3% from the same period last year. Of the total, Thai exports accounted for $7.18 billion, up 23.7% year-on-year, with imports worth $5.67 billion, an increase of 16.2%.
The most important Thai exports in terms of value were gems and jewellery, unwrought gold, refined oil, circuit boards, computer equipment and components, and other industrial products, while the most valuable imports were computer equipment and components, chemicals, refined oil, circuit boards, jewellery, gems, and bullion and gold.
Thai direct investment in Singapore during the period 2005-2021 was worth $146 billion, while investment in 2021 alone reached $7.73 billion.
Singapore's direct investment in Thailand between 2005-2021 tallied $86.1 billion, with an investment value in 2021 of $5.41 billion.
Major Thai investors in Singapore include Thai Beverage Plc, PTT Plc, Banpu Plc, Siam Cement Group (SCG), Thai Airways International Plc, Bangkok Airways Plc and Bangkok Bank Plc.
Singapore's major investors in Thailand include Pete Air Co (air transport), Crane Renewable Energy C (electricity from landfill biogas), N.P.S. Stargroup (solar power), and NS-OG Energy Solutions (Thailand), which harnesses electric power from natural gas and steam.