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Karachi, In a bid to create a more business-friendly environment in Pakistan, the Ambassador of Thailand, Chakkrid Krachaiwong, has emphasized the need to resolve issues pertaining to Letter of Credit (LC) and the repatriation of foreign currency. He expressed that these challenges affect not just Thai business entities, but all foreign businesses operating in Pakistan. Addressing these issues would pave the way for an influx of foreign investors.
Speaking at a meeting at the Karachi Chamber of Commerce and Industry (KCCI) during a Thai delegation’s visit, the Ambassador remarked, “Pakistan and Thailand have maintained warm relations over the past seven decades. The Thai government seeks to enhance economic ties with Pakistan, a country I regard as my second home. I am dedicated to fostering a closer relationship between our nations, who are part of the larger Asian family.”
The meeting was also attended by various dignitaries, including the Consul General of Thailand Narut Soontarodom, Deputy Consul General Siriporn Tantipanyathep, President KCCI Iftikhar Ahmed Sheikh, and other significant members from both countries.
According to a news release by Karachi Chamber of Commerce and Industry (KCCI), The Ambassador further revealed that the Thai government is keen on finalizing a Free Trade Agreement (FTA) and awaits a proposal from Pakistan for the next round of negotiations. He urged the KCCI to liaise with the government to expedite the FTA, which could prove advantageous for both nations.
Karachi, hailed as Pakistan’s economic nerve center, was termed as a ‘vibrant city’ by the Envoy. He expressed eagerness in visiting KCCI, given its pivotal role in Pakistan’s economy. The meeting aimed to discuss ways to overcome obstacles hindering Thai-Pakistani trade.
Several sectors in Pakistan, including tourism, automotive parts, food processing, and agriculture, offer substantial business opportunities, noted the Ambassador. He informed of Thailand’s proposal to enhance sustainable tourism collaboration, emphasizing cultural and natural resource conservation, which could prove beneficial for the tourism sector.
He also highlighted the symbiotic trade relationship, exemplifying that globally renowned Pakistani footballs, exported worldwide, utilize Thai rubber. The Ambassador praised the successful resumption of Thai Airways operations in Pakistan, noting the increasing number of Pakistanis traveling to Thailand and vice-versa.
Chakkrid Krachaiwong invited KCCI members to participate in Thai trade fairs that cater to a vast array of products. These events, attracting over 100,000 visitors, including potential buyers from the ASEAN region, present a prime opportunity to showcase Pakistani products and expand their market reach.
President KCCI Iftikhar Ahmed Sheikh, in his address, emphasized the need to diversify trade sectors between the two countries, citing that Pakistan’s exports to Thailand were valued at a mere $164 million in FY23. He highlighted the significant trade deficit with Thailand and underscored the potential of an FTA to bolster trade relations, emphasizing the removal of trade barriers.
He expressed concerns over non-tariff barriers, regulatory differences, varying standards, and inadequate infrastructure that hinder smooth trade operations between the two countries.
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