Key areas of this cooperation will be innovation for industries of the future, financial technology, aviation and logistics, ease of doing business and elimination of non-tariff barriers, and development of small and medium-sized enterprises. The meeting was attended by 13 Thai companies and organisations such as the Board of Trade, PTT, Thai Beverage, S&P Syndicate and Bangkok Bank, while 11 firms and organisations from the UK also participated, including HSBC, Jardine Matheson and Rolls-Royce.

Deputy Commerce Minister Suvit Maesincee said the meeting arrived at tangible cooperation in various sectors, with the UK supporting the “Thailand’s 4.0” policy to move the country towards an innovation-based economy and helping the Kingdom develop its human resources.

After the meeting, representatives of the 11 participating British companies and organisations met with Prime Minister Prayut Chan-o-cha and Deputy Prime Minister Somkid Jatusripitak to report the key takeaways from the meeting, as well as to discuss the next step forward to increase the value of trade and investment between Thailand and the UK.

Suvit said Thailand could serve as an aviation centre as Rolls-Royce increased its investment in Thailand under the company’s plan to expand its business overseas.

“Thailand is one of five countries in which Rolls-Royce is highly interested in expanding its maintenance and repairs operations after already doing so in Singapore,” he said.

“The Thai government’s Eastern Economic Corridor development [and plan] to become an aviation hub in Asean by developing U-tapao Airport as another international airport and special economic zone for aviation and logistics should serve Rolls-Royce’s plan to expand its business here.”

If Rolls-Royce were to invest in Thailand, it would also transfer technology and stimulate innovation here, he added.

The cooperation with Britain agreed at the meeting will also serve Thailand’s development of other sectors including human resources, pharmaceuticals, tourism and SMEs.

Tevin Vongvanich, president and chief executive of PTT, who chaired the meeting on the Thai business side, said setting up subcommittees in various sectors would strengthen trade and investment between the two countries, help bring down non-tariff barriers, and stimulate innovation and technology development.

Britain has technology that could help Thai develop its energy sector, he said. PTT will open an office in London so that it will be able to help its subsidiary companies do business in the UK.

Tevin said an oil and gas exploration company based in London, Ophir Energy, was interested in conducting petroleum-survey business in Thailand. However, it has been facing a legal problem that should be dealt with.

Mark Garnier, deputy minister of international trade and special envoy from the prime minister of Britain to Thailand, agreed that the meeting was a great starting point for collaboration among business leaders. The TUBLC will receive support from both governments to foster trade and investment, an enabler for economic growth for both countries.

He said that although British voters had decided to exit from the European Union, the UK would still have close relations with the EU. Closer cooperation between Thailand and the UK should help promote sustainable trade and investment for Thailand.

Garnier said the next meeting of the TUBLC was set for next April.

According to the Commerce Ministry, annual bilateral trade averaged US$3.66 billion (about Bt126 billion) over the past five years. The UK is Thailand’s second-largest trading partner among the EU members, and 19th in the world.