Nigeria and Thailand on Tuesday signed a Memorandum of Understanding on Technical Cooperation, as both countries pledged to deepen economic ties, expand bilateral trade and attract more investment.
The agreement was signed at the Ministry of Foreign Affairs in Abuja by Nigeria’s Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, and Thailand’s Deputy Prime Minister and Minister of Foreign Affairs, H.E. Mr. Sihasak Phuangketkeow.
Ambassador Odumegwu-Ojukwu said the MOU reflects Nigeria’s desire to elevate relations with Thailand to a strategic partnership, with economic cooperation as a key pillar.
She 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 drive skills development, technology transfer and sustainable development.
The Minister also commended the ongoing Thailand-Nigeria Sustainable Agricultural Technology Development Project and proposed its expansion to more parts of Nigeria, with greater cooperation in agricultural research, technology and innovation.
Ambassador Odumegwu-Ojukwu urged both countries to diversify bilateral trade beyond crude oil, rice and agricultural machinery.
She called for increased Thai investment and joint ventures in agro-processing, manufacturing, energy, ICT, mining, renewable energy and other value-added industries.
According to a statement by Dr. Magnus Eze, Special Assistant on Communication and New Media , she said “Nigeria has a large consumer market and significant investment opportunities. Thai businesses should take advantage of the country’s investment incentives and expanding economic potential,”
To institutionalise engagement, the Minister advocated the establishment of a Joint or Bi-National Commission to monitor implementation of agreements and accelerate the conclusion of pending instruments.
These include the Investment Promotion and Protection Agreement, Trade Agreement, and Agreement on Economic, Scientific, Technical and Cultural Cooperation.
She also called for closer engagement between ASEAN and ECOWAS, noting that stronger regional cooperation could unlock new opportunities for trade, investment and development.
The Federal Government reaffirmed its 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, Mr. Sihasak Phuangketkeow, described Nigeria as a key economy in Africa.
He said a strategic economic partnership between both countries would bolster investments, increase trade and have a positive impact on their people.
The MOU on Technical Cooperation is expected to provide the framework for joint programmes in capacity building, agriculture, science and technology, and other areas of mutual interest.