KUALA LUMPUR, Dec 16 — Malaysia and Thailand have reaffirmed their commitment to enhance investment and bilateral trade through the Joint Task Force on Trade and Investment, with a target of US$30 billion by 2027.
Prime Minister Datuk Seri Anwar Ibrahim said that while the target may seem ambitious, the significant economic potential of both Thailand and Malaysia makes it an objective worth striving for together.
During a joint press conference with Thailand's Prime Minister Paetongtarn Shinawatra today, Anwar said the northern provinces in Malaysia need additional focus and investment, similar to the needs of the southern provinces in Thailand.
Paetongtarn is on an official visit to Malaysia from December 15-16.
During her official visit, Paetongtarn also saw the exchange of a memorandum of understanding (MoU) on rubber between Malaysian Rubber Board director-general Datuk Zairossani Mohd Nor and the Rubber Authority of Thailand's acting governor Sukatus Tarngwiriyakul.
Paetongtarn said in terms of economic cooperation, both countries will focus on efforts to trade and invest in border connectivity, the digital economy and tourism.
She also highlighted the potential for cooperation in the rubber and halal industries, which could benefit both nations.
“Additionally, we will work towards the trade target of US$30 billion by 2027. For the border areas, we discussed the need to address the flood problems faced by both countries and we will continue to work closely to improve border road and rail connectivity to facilitate more trade and people-to-people interactions.
“After the meetings, we witnessed the signing of two important MoU on rubber and cultural cooperation. I am confident this will strengthen our economic and people-to-people relations,” she added.
Meanwhile, Paetongtarn expressed her support for Malaysia's role as Asean chair in 2025, adding that they can work together for the good of both countries and Asean as a whole.
"I'm committed to maintaining the dynamics of our relationship and our efforts towards common peace and prosperity," she said.
Both countries also share a similar position on the Timor-Leste’s accession as a full Asean member.
Anwar said both leaders are working together to ensure some of the conditions imposed on Timor-Leste are met before the initial meeting of Asean at the end of May.
He also shared both country's commitments to bolster intra-Asean trade. Malaysia and Thailand, he said, aim to facilitate efficient, seamless movement of goods within the region.
Paetongtarn is here for the 7th Annual Consultation (AC) in conjunction with her first official visit since assuming office in August 2024.
Anwar said the AC is timely, considering the excellent progress in bilateral relationships and cooperation between Malaysia and Thailand since the last consultation in 2016.
— Bernama
