UK trade to visit Thailand for first time in over a decade

International trade secretary, Dr Liam Fox, will become the first UK trade minister to visit Thailand in 15 years when he arrives in Bangkok today (April 4).

The visit aims to boost trade with the country; Thailand is the second largest economy in South East Asia and bilateral trade with the UK increased by 2.8 per cent to £5.6bn between 2015 and 2016.

Currently, the majority of UK exports are in machinery, vehicles and mechanical appliances. Dr Fox will seek to expand this relationship, and raise the prospect of Thailand holding democratic elections, when he meets leading businesses and Thai Ministers.

This includes deputy prime minister, Somkid Jatusripitak; his counterpart, Sonthirat Sonthijirawong; the Thai minister of commerce; and Dr Pichet Durongkaveroj, minister of digital economy and society.

Dr Liam Fox said: “The UK’s trade with Thailand is growing steadily, but there is still huge untapped demand for British goods and services across the Thai economy, which is growing strongly and has a large middle class.

“The IMF predicts 90 per cent of global growth in the coming years will come from outside the EU… As an international economic department, we will continue to use visits such as this to help businesses of all sizes forge ties and cultivate relationships with potential buyers and investors in growing markets around the world.”

Thailand is implementing its ‘4.0 industrial strategy’, with a particular emphasis on moving towards a digital economy, from rolling out high-speed internet access for all villages to setting up a big data analytics centre.

While in the country, Dr Fox will announce that the UK’s export credit agency, UKEF, has supposedly doubled the finance available for British businesses wanting to export to Thailand to £4.5bn.

Following the lifting of the ban on British poultry, Dr Fox will also announce an export win for UK company Aviagen on the visit.

Based in Stratford upon-Avon and Newbridge, the company will generate £40m of extra exports over the next five years by exporting grandparent breeder day-old chicks and hatching eggs into the Thai market.

The visit aims to mainly consist of how new links can be made between the two countries.