THAI AMBASSADOR to the UK Pisanu Suvanajata has welcomed the announcement by the UK Export Finance (UKEF) of a 4.5-billion pounds financing in support UK investors’ ventures and sourcing of materials in Thailand.
The amount represents an increase from 2.25 billion pounds, announced by the UK Secretary of State for International Trade Liam Fox, on a recent visit to Thailand, and highlights the potential of UK-Thai trade.
“It is good news that the British government has offered a great opportunity for UK businesses to explore the Thai market by allocating a 4.5-billion pounds funding through the UKEF ,” Pisanu said.
This will not only stimulate the economic cooperation between the two countries, but has also come at the right time ahead of Brexit as it will help drive British businesses to look for future markets in other regions. “We are prepared to welcome all British friends to take their opportunities to invest in Thailand, which serves as a genuine gateway to other countries in Southeast Asia. We offer numerous business opportunities in our Eastern Economic Corridor (EEC) project with unparalleled investment privileges in 10 targeted industries. These industries are attractive to UK investors, he added
The Royal Thai Embassy in London will render all possible support to facilitate business decisions and successful operations of our British friends in Thailand, Pisanu said.
UK Export Finance is the world’s oldest export credit agency, with a track record of nearly 100 years of innovation, and provides overseas project sponsors with attractive long-term financing that makes sourcing from the UK more competitive.
Its support takes the form of UK government-backed guarantees on bank loans – in Thai baht or a range of other Asian and international currencies – or loans directly from the UK government.
UKEF can support a range of attractive financing options for buyers in Thailand, including repayment terms of up to 10 years (or more in some sectors), flexible UK and local content requirements, public-private partnerships, project finance and capital markets refinancing.
UKEF has a dedicated international origination network which works with buyers in Thailand and other markets across the Asean region to help them take advantage of the financing on offer from UKEF to support trade with the UK. Vomic Shah is the Regional Head for Asia.
Richard Simon-Lewis, Head of Origination at UK Export Finance, said that Thailand is an important trading partner for the UK, and we at UKEF are committed to supporting further growth in our countries’ relationship to our mutual economic benefit.
UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for International Trade as an integral part of its strategy and operations.
It can help buyers in Thailand to procure from UK suppliers that offer quality and innovation by providing attractive financing terms, borrow at competitive interest rates from banks with the benefit of a strong guarantee backed by the UK government – with guarantees available for loans in Thai Baht as well as a range of Asian currencies, borrow directly from the UK Government itself at competitive, fixed interest rates, and maintain flexibility, with finance that can also be used to buy local supplies or supplies from other countries, alongside UK supplies.