How does Brexit affect Thai business
Brexit has divided the United Kingdom in the past eight months and has put UK foreign trade in a precarious situation. But how will this affect Thailand?
With the British Pound diving to around 44 Baht, the immediate indication will be that less British tourists will be going on holiday to Thailand which will have negative implications for Thai business. But new revelations have indicated that the British government is promoting greater UK investment into Thailand’s emerging market.
British Minister for Asia and the Pacific, MP Alok Sharma, speaks of a new ‘Global Britain’ which will enhance trading worldwide while Thai officials have discussed making ‘Thailand 4.0’ that is more economically and technologically advanced.
Before his recent visit, Sharma released a statement to the Bangkok Post suggesting Britain will be “Stepping up, not stepping back.”
“I would like to see the United Kingdom be an essential partner for Thailand 4.0. The UK offers world-class technology and know-how in many of the key sectors. Such as digitisation, aerospace, vocational education, and turning bright ideas into smart agricultural, financial, energy and medical technology to the benefit of all.”
“Our experience in Britain tells me that ideas, creativity and open debate will help Thailand move down the road to an innovation-driven, high value-added future. Britain looks forward to working with Thailand in the next stage of our enduring friendship.” He added.
Sharma has now returned to the UK after promising talks with Thai officials and a bilateral free-trade agreement is on track as a joint committee from both sides look to sort out the details.
For more on this article and the free-trade agreement click here.
Photo Credit- Twitter: @AlokSharma_RDG