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Thai FM Commends Philippines’ Economic Growth Under Marcos Jr.

July 8, 2024 PhilippinesThailand Industry Updates

Thai Foreign Minister Commends Philippines‘ Economic Growth Under President Marcos Jr.

During a bilateral meeting with Philippine Foreign Affairs Secretary Enrique Manalo in Makati City on Thursday, Thai Foreign Minister Maris Sangiampongsa praised the Philippines’ economic performance under President Ferdinand Marcos Jr. According to the Philippine News Agency, Sangiampongsa highlighted that the Philippines has emerged as one of the fastest-growing economies in the region.

In a subsequent press conference, Sangiampongsa expressed admiration for the economic progress achieved by the Philippines under President Marcos Jr., underscoring the country’s remarkable growth.

The Thai foreign minister’s positive remarks underscore the strengthening economic ties between Bangkok and Manila. He noted the growing interest among Thai companies in investing in the Philippines and reiterated Thailand’s commitment to enhancing trade and investment with its Southeast Asian neighbor. Sangiampongsa also called for ongoing support from the Philippine government for Thai investors.

In addition to praising the Philippines’ economic performance, Sangiampongsa emphasized Thailand’s enthusiasm for deepening cooperation in areas like trade facilitation, renewable energy, and food security. He proposed expanding flight routes between Thailand and the Philippines, particularly between popular tourist destinations such as Cebu and Phuket, to boost two-way tourism.

On a regional level, Sangiampongsa stated that Bangkok would work closely with Manila to advance ASEAN economic integration, with a focus on digital economies and sustainable development. The two countries also agreed to increase cooperation in combating transnational crimes, including human trafficking and cybercrime, in Southeast Asia.

Moreover, Thailand is planning to advance integrated resort projects, with analysts predicting that the country could open its first integrated resort by 2029, potentially legalizing casino gaming before Japan. In mid-May, the Thai Ministry of Finance requested an additional two weeks to complete a feasibility study on the legalization of casino gaming, which is expected to generate $328 million in tax revenue in its first year of operation.

Original Story by: AGB

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