By Commerce Reporter
LAHORE, November 20 —Ambassador of Thailand Rongvudhi Virabutr Thursday underscored Thailand’s commitment to deepening economic and commercial ties with Pakistan. The Ambassador met with LCCI President Faheem ur Rehman Saigol and Senior Vice President Khurram Lodhi, alongside Executive Committee members Ahtisham-ul-Haq, Waqas Aslam, Ahad Amin Malik, Syed Salman Ali, Firdous Nisar, and Shaban Akhtar at LCCI.
President LCCI highlighted Thailand’s global reputation for culture, hospitality, tourism, and industrial advancement. He noted the growing popularity of Thai cuisine and cultural influence in Pakistan’s major cities. Faheem ur Rehman Saigol emphasized that Pakistan and Thailand enjoy longstanding and cordial diplomatic relations, characterized by mutual respect and cooperation, and expressed confidence that this meeting would further strengthen economic engagement between the two countries.
LCCI President highlighted Pakistan’s key exports to Thailand, including sugar, frozen fish, paper and paperboard, alcohol, and medicaments, while noting imports of motor vehicles, artificial staple fibres, natural rubber, tractor parts, and vegetables from Thailand. He stressed the importance of the early conclusion of the Pakistan–Thailand Free Trade Agreement (FTA) and encouraged further consultations to expedite its finalization.
Thai Ambassador Rongvudhi Virabutr highlighted his tenure in Pakistan since December 2024, noting the country’s ongoing economic development and potential for bilateral growth. He said Thailand places the highest importance on strengthening ties with Pakistan and has engaged with major chambers across the country to support the early conclusion of the Thailand–Pakistan FTA.
The Ambassador acknowledged concerns over Pakistan’s trade deficit with Thailand but emphasized that the FTA should not be limited to trade in goods. Instead, it should cover services and investment flows, offering Pakistan an opportunity to benefit from its strong services sector, which contributes nearly 60 percent to GDP. He suggested that the agreement should include investment protection, promotion, and cross-sector cooperation to instill confidence in Thai investors and generate long-term economic benefits for Pakistan.
Highlighting the potential for growth, the Ambassador stated that bilateral trade could rise from the current USD 1.1 billion to USD 2.2 billion within the next two to three years with appropriate policy support. He stressed that achieving this target requires adopting growth accelerators, changing mindsets, and ensuring comprehensive implementation of the FTA.
LCCI President also identified significant opportunities for collaboration in sectors such as electric vehicles, pharmaceuticals, mobile devices, solar and renewable energy equipment, engineering goods, processed food, and information technology. He emphasized that Thailand’s expertise in tourism development could also be leveraged to promote Pakistan’s tourism industry. He called for regular exchange of business delegations, participation in trade exhibitions, and closer engagement between private sectors to enhance economic activity.
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