Nigeria and Thailand have reaffirmed their commitment to deepening economic cooperation, expanding bilateral trade and investment, and strengthening technical collaboration for the mutual benefit of both countries.
The commitment was made when Nigeria’s Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, and Thailand’s Deputy Prime Minister and Minister of Foreign Affairs, Mr. Sihasak Phuangketkeow, signed a Memorandum of Understanding (MoU) on Technical Cooperation.
Odumegwu-Ojukwu said Nigeria welcomed the Thailand-Africa Initiative and called for stronger collaboration between the Nigerian Technical Aid Corps (NTAC) and the Thailand International Cooperation Agency (TICA) to promote skills development, technology transfer and sustainable development.
She also commended the ongoing Thailand-Nigeria Sustainable Agricultural Technology Development Project, proposing its expansion to more parts of Nigeria, alongside greater cooperation in agricultural research, technology and innovation.
The Minister said Nigeria was seeking to elevate its relations with Thailand to a strategic partnership, with economic cooperation as a key pillar. She called for diversification of bilateral trade beyond crude oil, rice and agricultural machinery to include agro-processing, manufacturing, energy, ICT, mining, renewable energy and other value-added sectors.
According to her, Nigeria’s large consumer market and growing investment opportunities provide a strong basis for increased Thai investment and joint ventures, urging Thai businesses to take advantage of the country’s investment incentives.
Odumegwu-Ojukwu also proposed the establishment of a Joint or Bilateral Commission to institutionalise bilateral economic dialogue, monitor the implementation of agreements and facilitate the conclusion of pending instruments, including the Investment Promotion and Protection Agreement and Trade Agreement.
She further advocated closer engagement between the Association of Southeast Asian Nations (ASEAN) and the Economic Community of West African States (ECOWAS), noting that stronger regional cooperation could unlock new opportunities for trade, investment and development.
The Minister reaffirmed Nigeria’s commitment to building a stronger economic partnership with Thailand through increased trade, investment, technical cooperation and regular high-level engagements.
On his part, Phuangketkeow described Nigeria as an important economy in Africa, saying a strategic economic partnership between the two countries would boost investment and trade while creating positive impacts for their peoples.
