Karachi, October 19, 2023 – In an effort to promote a more business-friendly environment and enhance economic cooperation, Thailand has called upon Pakistan to address issues related to Letter of Credit (LC) and the repatriation of foreign currency.
These matters were highlighted during a meeting between the Ambassador of Thailand, Chakkrid Krachaiwong, and the office bearers of the Karachi Chamber of Commerce and Industry (KCCI).
Ambassador Krachaiwong emphasized that resolving challenges related to LC and the repatriation of foreign currency is not only essential for Thai businesses but also for foreign businesses in general. He noted that addressing these issues would create a more attractive and conducive business environment in Pakistan, which has the potential to attract a substantial number of foreign investors.
The Ambassador pointed out the warm and friendly relations that Pakistan and Thailand have shared for the past seven decades. He expressed Thailand’s commitment to strengthening economic cooperation with Pakistan and highlighted his personal dedication to promoting the relationship between the two countries, which are both integral members of the Asian family.
The meeting was attended by several key figures, including Consul General of Thailand Narut Soontarodom, Deputy Consul General Siriporn Tantipanyathep, President of KCCI Iftikhar Ahmed Sheikh, Vice President Tanveer Ahmed Barry, and other KCCI officials. Additionally, members of the Thai delegation were present.
Ambassador Krachaiwong disclosed that the Thai Government is actively pursuing a Free Trade Agreement (FTA) with Pakistan. However, he mentioned that they are currently awaiting Pakistan’s proposal for the date of the next round of negotiations. He urged KCCI to engage with the government to expedite the finalization of the FTA, which he believes would be mutually beneficial for both economies.
Describing Karachi as a vibrant city and Pakistan’s economic hub, the Ambassador expressed excitement about visiting KCCI, which has played an active role in Pakistan’s economy. He emphasized the importance of addressing challenges in enhancing bilateral trade between Thailand and Pakistan.
The Ambassador highlighted potential sectors for business opportunities, including tourism, automotive parts, food processing, food-related products, and agricultural products. He also mentioned Thailand’s proposal to cooperate with Pakistan on sustainable tourism, preserving culture and natural resources to boost the tourism sector.
Ambassador Krachaiwong underlined the synergy between Thailand and Pakistan, citing the use of Thai rubber in the production of Pakistani footballs, which are exported worldwide. He also mentioned the successful resumption of Thai Airways operations in Pakistan, facilitating travel between Karachi and Bangkok, and the growing number of Thai tourists visiting Pakistan.
He invited KCCI to participate in Thai trade fairs, emphasizing the opportunities to buy Thai products and showcase Pakistani goods to expand Pakistan’s market share in the ASEAN region. The Ambassador also encouraged KCCI to connect with Thai Chamber of Commerce for business matchmaking and exploring trade and investment opportunities in Thailand.
President KCCI Iftikhar Ahmed Sheikh welcomed the Thai delegation and highlighted the need for diversifying trade between Pakistan and Thailand. He stressed the importance of concluding the FTA negotiations promptly to address trade barriers and focus on trade diversification, potentially benefiting traditional industries and increasing exports.
President Sheikh also mentioned that non-tariff barriers, regulatory differences, varying standards, and inadequate infrastructure were obstacles to trade opportunities, affecting the competitiveness of Pakistani products in the Thai market. Addressing these challenges would contribute to the growth of economic activities and trade between the two countries.