Confidence for investment extends from connectivity of small and medium-sized enterprises, knowledge for technological development and promotion of Thailand as one of the region’s manufacturing bases, he said.

“If Thailand can be strengthened, its connectivity can be established for manufacturing bases. And Thailand will take part in these manufacturing bases from upstream to downstream. We also have to tell them our problems and have discussions,” Prayut said.

OMAN, THAILAND AIM TO TRIPLE TRADE IN 5 YEARS

Deputy Prime Minister Somkid Jatusripitak agreed to a target to triple trade between Thailand and Oman within five years while on an official two-day visit to Oman that ended yesterday.

The two countries’ ministers for foreign affairs also signed a letter of interest for establishment of a “Thailand Future Fund” for joint investment in Thailand’s infrastructure.

Somkid, who led Thailand’s economic ministers and representatives of more than 20 private enterprises to Oman, said it was the first time the two countries had officially negotiated on trade and investment.

At present, bilateral trade is worth US$1.2 billion (Bt42 billion) annually. Their five-year target is to triple that amount.

Somkid said there were opportunities for Thai investors in Oman, particularly in the hotel, property and health businesses.

He said Oman was opening special economic zones and wanted Thailand to invest more. Special trade privileges and duty-free benefits will be provided for those investing in chemical production, ore, medical products, and halal processed food.

In June, Omani businessmen will visit Thailand.

Oman also supports Thailand having free-trade agreements with the other Gulf Cooperation Council countries, Saudi Arabia, Kuwait, the United Arab Emirates, Qatar and Bahrain.

FIRST 2016 RICE AUCTION

SET FOR FEBRUARY 16-17

The Commerce Ministry is scheduled to open bidding for 570,000 tonnes of rice on February 16 and 17, the first auction of the year, for supply to consumers and industry sectors.

Duangporn Rodphaya, director-general of the Foreign Trade Department, said that of the total of 570,000 tonnes, 204,000 tonnes of good-quality rice was earmarked for sale in the local and overseas markets, while about 360,000 tonnes of deteriorated rice (Grade C) would be sold to feedmeal and non-food producers, among others.

The ministry will clarify the conditions of the auction tomorrow, and allow traders to check rice quality from today until February 10. On February 11, the ministry will allow traders to submit their qualifications for background checking.

Bidding will open on February 16 for good-quality rice, followed by bidding for low-quality stock the following day.