On 10 February 2014, H.E. Mr. Tharit Charungvat, Ambassador of Thailand to the Republic of Turkey, met with Mr. İbrahim Çağlar, President of the Istanbul Chamber of Commerce (ITO). Both agreed to boost trade and investment figures between Thailand and Turkey.

H.E. the Ambassador expressed his view that the current trade and investment values between Thailand and Turkey are surprisingly low, considering the two countries’ vibrant economies. At present, Thailand and Turkey aim to open a Free Trade Agreement negotiation which will serve as a crucial mechanism to improve bilateral trade and investment. Delegation of the two countries met for the first time in August 2014 and will meet again in February 2014 to discuss on conducting Joint Feasibility Study on the Thailand-Turkey Free Trade Agreement.

Mr. Çağlar commended Thailand’s production capability and successful Thailand-Turkey economic relations in the recent past. Yet, he agreed with H.E. Mr. Tharit on the need to increase the bilateral trade and investment figures for both countries’ win-win situation. As Turkey offers an easy access to the European Union (EU) markets, Mr. Çağlar invited Thai investors to invest in Turkey for export to the EU.

H.E. the Ambassador applauded ITO’s efforts in organizing the “Turkey Expo in Thailand” in Bangkok in December 2014. In order to give momentum to the business sector’s interaction, the Thailand-Turkey Business Council, the main mechanism that drives bilateral business activities at present, will bring a delegation from spa, rubber, and rice sectors to visit Turkey in June 2014. H.E. Mr. Tharit also proposed the delegation meet with ITO during their Istanbul visit.

H.E. Mr. Tharit further elaborated on Thailand-Turkey investment that Turkey’s Hidromek Company, a construction machinery producer, recently launched its business in Thailand. In Turkey, Thailand’s CP Turkey has been established for 27 years and is hiring more than 3,000 local employees. Moreover, Loxley, one of the biggest companies in Thailand, expressed its keen interest to open its market in Turkey.

ITO has approximately 350,000 members, 5^th biggest Chamber in Chamber but the biggest in Turkey in terms of activities. ITO also established Istanbul Commerce University to develop human resources in response to the private sector’s needs. Istanbul is a major business hub of Turkey and the region. More than 50 percent of the Turkish GDP comes from Istanbul. Istanbul’s strategic location allows access to more than 60 percent of the countries in the world within four-hour flight.

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Royal Thai Embassy, Ankara

17 February 2014