S'pore regional strategy

S'pore regional strategy

BANGKOK (Reuter): Thailand is a priority in Singapore's bid to go regional by expanding business abroad and investing overseas, Singapore Trade and Industry Minister Yeo Cheow Tong says.

"Being part of ASEAN (the Association of Southeast Asian Nations) and traditional trading partners, Thailand is obviously a priority in our strategy to go regional," said Yeo, visiting Bangkok for the launch of the Thailand-Singapore Business Council.

Singapore is already the third largest investor in Thailand, he said. Bilateral trade grew by 23 percent in the first nine months of this year to S$11.3 billion (US$774 million).

Thailand's strong growth will provide further opportunities for Singapore and Thai businessmen in sectors such as telecommunications, port and airport development, traffic management, public housing and manpower development, Yeo said Wednesday.

In view of rapid regional economic growth, both countries should form investor consortia to undertake projects in Indonesia, China and India and later in Vietnam, Burma and Cambodia, he said.