Thailand and Macau have agreed to establish a joint committee to work on economic cooperation between Thailand and the Pan-Pearl River Delta (PPRD), which includes Macau.
Deputy Prime Minister Somkid Jatusripitak, who yesterday met Chui Sai On, the chief executive of the Macau Special Administrative Region, said Thailand and Macau had agreed to establishing a formal or informal joint committee to link Thailand and the PPRD region, which covers 11 southern provinces of China and two special administrative regions, Hong Kong and Macau.
Mr Somkid said if Thailand can successfully link up with the PPRD, it will greatly benefit the country as the delta is a significant economic zone and part of China's ambitious Belt and Road Initiative.
The Thai government assigned Virasakdi Futrakul, deputy minister of foreign affairs, to work out a mechanism to link Thailand and the PPRD.
He said Macau has expressed interest in investing in the creative economy in Thailand and is keen to increase fruit imports to cater to demand.
Maj Gen Weerachon Sukhondhapatipak, deputy government spokesman, said two memorandums of understanding were also signed yesterday between Phuket province and Macau on the establishment of a friendship city, and between Thailand's International Trade Promotion Department and Macau Trade and Investment Promotion Institute, to promote bilateral trade cooperation.
The two also agreed to deepen cooperation on tourism.
Two-way trade between Thailand and Macau averaged US$32.32 million (1 billion baht) a year over the last five years.
Last year, two-way trade totalled $30.7 million, down 2.67% from 2016. Thai exports accounted for $20.0 million and imports were worth $10.6 million.
According to the Bank of Thailand, Macau's investment in Thailand was worth $14.9 million in 2017, mainly concentrated in the property business, while Thai investment in Macau amounted to $18.9 million, mainly in wholesale and retail, and repair shops for motorcycles and bicycles.
Macau visitors to Thailand totalled 67,719 in 2017, up 35.5% from 2016, with Thai visitors to Macau reaching 198,119, down 16.1% from 236,081 over the same period.