Premier Li: Chinese, Thai trade to achieve US$100b in 2015
Print Edition
Chinese Premier Li Keqiang became the first foreign leader to address Thailand’s Parliament in more than a decade yesterday as he began a three-day visit aimed at strengthening ties and seeking business for China’s high-speed railway technology.
Li told lawmakers that Thailand and China will boost their trade to US$100 billion by the end of 2015 and that China will buy more Thai agriculture produce.
“In the next five years, China will import 1 million tons of rice from Thailand and will also import more rubber,” Li said.
Thailand’s government has struggled to sell much of the rice it has amassed in a rice-buying scheme that is a flagship policy of Prime Minister Yingluck Shinawatra’s administration.
The scheme has accumulated losses of at least US$4.46 billion since it was introduced in 2011. Its inability to resell the high-priced rice on the international market allowed India and Vietnam to surpass Thailand in the value of their rice exports.
Thai rubber farmers also have staged street demonstrations and blocked roads in recent months to pressure the government to shore up rubber prices, which have dropped since peaking in 2011 due to weak demand in a sluggish global economy.
Li, who became premier in March, is the first foreign leader to give a speech in the Thai Parliament in at least 10 years. House speaker Somsak Kiatsuranont said he granted Li “an opportunity to speak directly to the representatives of the Thai people” because his visit was an “honor.”
Li asked the lawmakers to support Chinese train technology. He is to open an exhibition on China’s high-speed rail system in Bangkok today.
The two governments also signed memorandums of understanding regarding cooperation on railway projects, investment, energy, culture and other areas.
“China has expressed interest in helping develop the high-speed railway. On this, in principle, Thailand is willing to work with them at the government level and is asking to pay part of the expenses with agricultural produce,” Yingluck told reporters after meeting with Li.
Last month, Parliament authorized 2.2 trillion baht (US$70 billion) in loans for large transportation projects, including four high-speed rail lines that would connect Bangkok to other key cities and dual-track rail lines that could reduce the country’s dependence on road transport.
While in Thailand, Li is scheduled to meet the Thai royal family and leaders of the government and the parliament for an exchange of views on bilateral ties as well as on regional and global issues of common concern.
Li is to travel to Chiang Mai, Yingluck’s hometown in northern Thailand, and then leave for Vietnam tomorrow.
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