Nigeria and Thailand have moved to strengthen their economic and development partnership with the signing of a Memorandum of Understanding on Technical Cooperation in Abuja.
The agreement was signed on Tuesday at the Ministry of Foreign Affairs by Nigeria’s Minister of Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, and Thailand’s Deputy Prime Minister and Minister of Foreign Affairs, H.E. Sihasak Phuangketkeow.
Speaking at the ceremony, Odumegwu-Ojukwu said Nigeria was seeking to elevate its relationship with Thailand to a strategic partnership anchored on expanded trade, investment and technical cooperation.
She welcomed Thailand’s Thailand-Africa Initiative and called for closer collaboration between the Nigerian Technical Aid Corps and the Thailand International Cooperation Agency in skills development, technology transfer and sustainable development.
The Minister also commended the Thailand-Nigeria Sustainable Agricultural Technology Development Project and urged its expansion to more parts of Nigeria, alongside increased cooperation in agricultural research, technology and innovation.
Odumegwu-Ojukwu said Nigeria was keen on diversifying bilateral trade beyond crude oil, rice and agricultural machinery, urging increased Thai investment and joint ventures in agro-processing, manufacturing, energy, ICT, mining and renewable energy.
She added that Nigeria’s large market, investment incentives and growing economic opportunities made the country an attractive destination for Thai businesses.
The Minister further proposed the establishment of a Joint or Bi-National Commission to institutionalise economic dialogue, monitor bilateral agreements and fast-track pending instruments, including agreements on investment promotion and protection, trade, and economic, scientific, technical and cultural cooperation.
Nigeria also called for stronger engagement between the Association of Southeast Asian Nations and the Economic Community of West African States to expand opportunities for regional trade, investment and sustainable development.
In his remarks, Phuangketkeow described Nigeria as a major African economy and stressed the importance of building a stronger economic relationship between both countries.
He said a strategic partnership would stimulate investment, expand trade and create greater economic opportunities for the people of Nigeria and Thailand.
The new MoU is expected to provide a framework for deeper technical and economic cooperation as both countries seek to broaden their bilateral relationship and unlock new investment opportunities.
