Thai, Japanese PMs to discuss business issues

BANGKOK, January 15 (TNA) - Japanese Prime Minister Shinzo Abe will discuss economic, trade and investment issues with his Thai counterpart Yingluck Shinawatra when he pays a two-day official visit to Thailand, scheduled for January 17-18. Damrong Kraikruan, Director-General of the Thai Ministry of Foreign Affairs' Department of East Asian Affairs, acknowledged on Tuesday that Thailand will greatly benefit from Abe's forthcoming trip to the Kingdom, as Japan is interested in new mega-investment projects in the Thai economy, including those on flood prevention, high-speed trains, a satellite to explore national resources and terrains and information and communication technologies (ICT). Damrong said although there will not be the signing of any agreement during Abe's visit to Thailand later this week, it is good for both national leaders to start to discuss expanding bilateral cooperation between Bangkok and Tokyo. According to the senior official, Thailand's new daily minimum wage hike to 300 baht nationwide, fully effective on January 1, 2013, is unlikely to affect Japanese investment in the Thai economy, as Japan is now focusing on capital-incentive security and infrastructure development projects. During his two-day official trip to Thailand, the Japanese prime minister and his wife will also be granted an audience with His Majesty King Bhumibol Adulyadej and visit the Thai-Nichi Institute of Technology. Japan was Thailand's top trading partner last year, with bilateral trade value between both countries totalling some 2.1 trillion baht, a 13.6 per cent year-on-year increase, and Thai exports to the Japanese market estimated at 672 billion baht, a 0.7 per cent year-on-year increase, mainly from automobiles and parts worth 46 billion baht, as well as processed chicken and computers worth 30 billion baht each. Thailand, however, imported Japanese products worth about 1.43 trillion baht during the January-November 2012 period, a 11.53 per cent year-on-year increase, with top three imports from Japan including machines worth 350 billion baht, steel worth 180 billion baht and automobile parts worth 167 billion baht. (TNA)