Bangkok--25 May--HSBC
***Thai PM’s visit to Australia to benefit bilateral trade relations ***
***Thailand will emerge as Australia’s second fastest growing export partner***
Trade, investment and tourism between Thailand and Australia are top of the agenda for Yingluck Shinawatra’s first official visit to Australia from 26 to 29 May. Trade is a key element in the future ties between these two nations and presents a major opportunity for international businesses in the two markets. Thailand’s exports to Australia are set to increase 10% annually over the next 5 years whilst its imports are expected to increase by 8% annually according to HSBC’s Global Connections trade forecast.
HSBC’s Global Connections forecast sees Thailand emerging as Australia’s fastest growing export partner, after China, over the next five years. The increase in Thai exports to Australia will be driven by demand for gold, cars and road haulage which are set to grow 14%, 9% and 9% to 2016, respectively. Imports from Australia into Thailand will be driven by petroleum oil[1] and powdered gold[2] for manufacturing which are set to increase by 12% and 10% over the next five years, respectively.
Kanoksak Mokkamakkul, Head of Commercial Banking, HSBC Thailand, said: “‘We are seeing increased interest from Australian businesses in Thailand as a leading centre for manufacturing within the region. On the flip side, businesses in Thailand are investing in Australia to tap into its natural resources that, in turn, drives our country’s manufacturing sector. The two economies complement each other extremely well. We are regularly connecting customers to opportunities between the two markets as global trade grows.”
Prime Minister Yingluck will meet with Ms. Julia Gillard, Prime Minister of Australia, as well as meet with concerned Ministers to follow-up on the development of Thai-Australian relations and to discuss cooperation in regional and international frameworks, particularly in ASEAN and East Asia Summit (EAS) as well as meet with the Australian private sector to build networking and encourage collaboration between Thai and Australian businesses.
[1] Petroleum oils, oils from bituminous minerals and crude oil
[2] Gold, unwrought, semi manufactured, powder form