Nigeria, Thailand Sign Technical Cooperation Agreement, Target Stronger Economic Partnership
Nigeria and Thailand have expressed commitment to deepening economic cooperation and expanding bilateral trade and investment for the mutual benefit of both countries.
The Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, stated this when the two countries signed a Memorandum of Understanding on Technical Cooperation on Tuesday, at the Ministry of Foreign Affairs, Abuja.
Ambassador Odumegwu-Ojukwu signed for Nigeria while Thailand’s Deputy Prime Minister and Minister of Foreign Affairs, H.E. Mr. Sihasak Phuangketkeow, signed for his country.
She also welcomed Thailand’s Thailand-Africa Initiative (TAI) and called for stronger collaboration between the Nigerian Technical Aid Corps (NTAC) and the Thailand International Cooperation Agency (TICA) to promote skills development, technology transfer and sustainable development.
The Minister commended the ongoing Thailand-Nigeria Sustainable Agricultural Technology Development Project, proposing its expansion to more parts of Nigeria and greater cooperation in agricultural research, technology and innovation.
Ambassador Odumegwu-Ojukwu reaffirmed Nigeria’s desire to elevate relations with Thailand to a strategic partnership, with economic cooperation as a key pillar.
She called for diversification of bilateral trade beyond existing exchanges in crude oil, rice and agricultural machinery, urging increased Thai investment and joint ventures in agro-processing, manufacturing, energy, ICT, mining, renewable energy and other value-added industries.
Ambassador Odumegwu-Ojukwu highlighted Nigeria’s large consumer market and investment opportunities, encouraging Thai businesses to take advantage of the country’s investment incentives and expanding economic potential.
She further advocated the establishment of a Joint or Bi-National Commission to institutionalise bilateral economic dialogue, monitor implementation of agreements and accelerate the conclusion of pending instruments, particularly the Investment Promotion and Protection Agreement, Trade Agreement, and Agreement on Economic, Scientific, Technical and Cultural Cooperation.
Nigeria also called for closer engagement between ASEAN and ECOWAS, noting the potential of stronger regional cooperation to unlock new opportunities for trade, investment and development.
Ambassador Odumegwu-Ojukwu reaffirmed Nigeria’s commitment to building a stronger economic partnership with Thailand through increased trade, investment, technical cooperation and regular high-level engagements.
Thailand’s Deputy Prime Minister Sihasak Phuangketkeow described Nigeria as a economy in Africa.
He said that a strategic economic partnership between both countries would bolster investments in their nations, trade and impact positively on their people.