Cooperation pact on trade signed with Czech Rep

Thai-Czech trade is expected to double to more than US$2 billion in three years after the signing yesterday of an economic-cooperation agreement at the Foreign Ministry in Bangkok.

"As one of the new European Union member states, Czech has stronger economic growth and has many businesses with potential to trade and invest overseas. Thailand should tighten ties with the country to promote trade and investment," Commerce Minister Boonsong Teriyapirom said after meeting with Martin Kuba, the Czech Republic's minister of industry and trade.

Currently two-way trade runs at $1.4 billion (Bt42 billion) a year.

Thailand and the Czech Republic have many products and services that could be promoted for trade with each other, Boonsong said.

Thailand now enjoys a large trade surplus with that country, with exports reaching about $900 million last year, mainly of agricultural goods and processed and frozen foods.

The major imports from the Czech Republic are gas, electronic parts and fruits. The country has also shown keen interest to invest more here, especially in mega-projects and infrastructure development.

Kuba was leading a mission of 25 businesses to seek investment opportunities in the Kingdom.

Some of them were looking at water-management projects. Thailand has also encouraged them to consider tourism and services. According to the Board of Investment, two Czech projects worth Bt30 million were approved last year.

In 2011, according to the World Bank, the Czech Republic's annual income per capita stood at $20,579.

Its population had reached 10.5 million as of September, according to the Czech Statistical Office.