Nigeria and Thailand have signed a Memorandum of Understanding on technical cooperation as both countries seek to strengthen economic relations, boost bilateral trade and attract more investment.
The agreement was signed on Tuesday 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 Foreign Minister, Sihasak Phuangketkeow.
Speaking at the ceremony, Odumegwu-Ojukwu said the agreement would create a new platform for cooperation in skills development, technology transfer and sustainable development.
She welcomed Thailand’s Thailand-Africa Initiative and called for stronger collaboration between Nigeria’s Technical Aid Corps and the Thailand International Cooperation Agency.
The minister also called for the expansion of the Thailand-Nigeria Sustainable Agricultural Technology Development Project to other parts of the country, while urging greater cooperation in agricultural research, technology and innovation.
Odumegwu-Ojukwu said Nigeria wanted to move its relationship with Thailand beyond its current level by developing a strategic partnership focused on stronger economic cooperation.
She urged both countries to diversify bilateral trade, which has largely focused on commodities and agricultural products. She also called for increased Thai investment and joint ventures in sectors including agro-processing, manufacturing, energy, ICT, mining and renewable energy.
The minister highlighted Nigeria’s large consumer market and investment opportunities, encouraging Thai businesses to take advantage of available incentives.
She further proposed the establishment of a Joint or Bi-National Commission to provide a permanent framework for economic dialogue, monitor agreements and accelerate the conclusion of pending bilateral agreements.
These include agreements on investment promotion and protection, trade, and economic, scientific, technical and cultural cooperation.
Nigeria also advocated stronger ties between the Association of Southeast Asian Nations and the Economic Community of West African States, saying closer regional cooperation could create new opportunities for trade and investment.
On his part, Thailand’s Deputy Prime Minister and Foreign Minister described Nigeria as a “key economy in Africa,” saying a strategic economic partnership would promote investment and trade while benefiting citizens of both countries.
The signing of the MoU marks a step towards expanding Nigeria-Thailand relations beyond traditional trade into technology, agriculture, manufacturing and other sectors capable of creating jobs and supporting economic growth.
