THE interest of Thai investors to enter the Philippines has increased, following the establishment of the ASEAN Economic Community (AEC).
Rachakorn Saksri, director of Thai Trade Center, on Thursday said that the Philippines, which has over 100 million consumers, is a strong potential market for Thai products.
“In the past, most Thai businessmen didn’t know about the Philippines. But with the establishment of AEC, our investors are eager to explore the Philippines. Our office has actually received requests for assistance in doing business here,” said Saksri at the sidelines of the opening of the Mini Thailand Week in SM City Cebu Trade Hall.
She noted a high interest in food and beverage, automotive parts, construction materials and cosmetics.
Bilateral trade between Thailand and the Philippines has reached more than $5 billion annually in recent years.
Thailand was the Philippines’ eighth largest trading partner in 2014. The Philippines, on the other hand, is Thailand’s sixth largest trading partner in the ASEAN and the 18th biggest in the world.
In the first four months of 2016, bilateral trade between the two countries has already grown to 11 percent, according to Saksri.
Imports of Thailand from the Philippines include electronic parts and agriculture products like coconut, among others.
Thailand’s Department of International Trade Promotion (DITP), Ministry of Commerce unveiled on Thursday its four-day trade exhibit of Thailand products.
The Thai exhibit is the second in Cebu. This year, it features more than 40 Thai exhibitors.
With the ASEAN region becoming more borderless, Saksri believesthat movements of goods will prosper, as well as tourism arrivals of both countries.
Although Thailand and the Philippines almost have the same tourism products, Saksri said another differentiating factor for Philippine tourism is its people.
“Thai tourists come to the Philippines because of its people. You are friendly. It is more fun in the Philippines,” she said.
Earlier this year, a six-member delegation composed of officers of the Thailand Board of Investments and Bolliger & Company (Thailand) Limited was also in Cebu to explore opportunities in agro-processing and food industry as well as the business guidelines for investments in Cebu.