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Ireland Looking to Strengthen Investment Ties with Thailand

Ireland is looking to strengthen its ties with Thailand through investment, trade, education, services and tourism. Ireland sees a strengthened relationship with Thailand as an opportunity for both countries to expand into Asian and Europe.

Martin Murray, The executive director of Asia Matters, says the relationship could be mutually beneficial, promoting economic growth in both countries. Murray told The Nation that Ireland would like to forge closer ties with Thailand even if a fair-trade agreement already exists between the European Union and the Kingdom.

Trade between Ireland and Thailand was up 13.3% in 2013, according to Asia Matters.

Such an agreement would give Thailand the opportunity to break into the European and American markets. Ireland would also have the chance to break into the Asean market. Murray also stated that Ireland could transfer technology to Thailand in important sectors, like education, finance, aviation, and food and sanitary standards.

Ireland considers Asia an important partner. Asia accounts for one-third of the global economy, and growth continues in this region. Thailand has the second-largest economy in Asean, just behind Indonesia.

Murray is also encouraging relevant agencies to set up direct flights between Bangkok and Dublin to encourage trade, tourism and investment. Such a move could increase the number of Irish tourists to 250,000 or more per year. Very few Thais visit Ireland, but direct flights could change that.

In hopes of strengthening cooperation between Ireland and Thailand, as well as other Asian partners, Dublin will host the “Asia Business Week Ireland 2015” in July. Thai officials have been invited to the event as well as private companies in hopes of bolstering cooperation.

Special events, including “Asia-Ireland Higher Education and Global Talent Forum” and “Asia Matters Economic Innovation Award,” are planned at the Dublin-based event. A roundtable is also planned in the Asia and EU to discuss economics. Seminars on education and the food industry will also be held.

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