Nigeria and Thailand have reaffirmed their commitment to strengthening economic relations, with both countries seeking to expand bilateral trade and investment while deepening technical cooperation for mutual benefit.

The renewed commitment followed the signing of a Memorandum of Understanding (MoU) on Technical Cooperation by Nigeria’s Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, and Thailand’s Deputy Prime Minister and Minister of Foreign Affairs, Mr. Sihasak Phuangketkeow.

Odumegwu-Ojukwu welcomed the Thailand-Africa Initiative and urged closer collaboration between the Nigerian Technical Aid Corps (NTAC) and the Thailand International Cooperation Agency (TICA). She said stronger cooperation between the two agencies would support skills development, technology transfer and sustainable development.

The minister also praised the ongoing Thailand-Nigeria Sustainable Agricultural Technology Development Project and proposed extending the initiative to additional parts of Nigeria. She further called for stronger cooperation in agricultural research, technology and innovation.

According to Odumegwu-Ojukwu, Nigeria is seeking to elevate its relationship with Thailand to the level of a strategic partnership, with economic cooperation serving as one of its major pillars.

She called for bilateral trade to be broadened beyond crude oil, rice and agricultural machinery, identifying agro-processing, manufacturing, energy, information and communications technology (ICT), mining, renewable energy and other value-added sectors as areas with potential for greater cooperation.

The minister said Nigeria’s large consumer market and expanding investment opportunities provide a strong foundation for increased Thai investment and joint ventures. She encouraged Thai businesses to take advantage of investment incentives available in Nigeria.

Odumegwu-Ojukwu also proposed creating a Joint or Bilateral Commission to provide an institutional framework for economic dialogue between the two countries. The proposed body would monitor the implementation of agreements and help facilitate the conclusion of outstanding instruments, including the Investment Promotion and Protection Agreement and Trade Agreement.

She further advocated stronger engagement between the Association of Southeast Asian Nations (ASEAN) and the Economic Community of West African States (ECOWAS), saying enhanced regional cooperation could create additional opportunities for trade, investment and development.

The minister reaffirmed Nigeria’s commitment to developing a stronger economic partnership with Thailand through expanded trade and investment, technical cooperation and regular high-level engagements.

Phuangketkeow, in his remarks, described Nigeria as an important economy in Africa. He said a strategic economic partnership between both countries would help increase investment and trade while generating positive impacts for their peoples.

Source:VON