KUALA LUMPUR: Malaysia and Thailand are committed to enhancing bilateral trade and investment, targeting US$30 billion by 2027, said Prime Minister Datuk Seri Anwar Ibrahim.
At a press conference following a bilateral meeting with Thai Prime Minister Paetongtarn Shinawatra today, Anwar said the goal was set after recognising the vast economic potential between the two countries.
"Through joint investments, both Trade, Investment and Industry Ministries have set a target of US$30 billion by 2027.
"We may seem very ambitious, but given the significant economic potential in both Thailand and Malaysia, this is something we need to work towards," he said.
Earlier, both leaders witnessed the exchange of two Memorandums of Understanding (MoUs) on Cultural, Arts and Heritage Cooperation, and Rubber Trade and Economic Cooperation.
Meanwhile, Anwar also announced that Malaysia and Thailand had agreed to support efforts to strengthen intra-Asean trade.
In terms of joint projects, he added that both countries will ensure the timely completion of all committed projects, including the road alignment project linking the Bukit Kayu Hitam Customs, Immigration, Quarantine and Security (CIQS) Complex in Bukit Kayu Hitam and Sadao CIQ Complex, as well as the construction of the second bridge linking Rantau Panjang, Sungai Golok and Narathiwat.
The prime minister said the discussions also addressed collaborative efforts to resolve issues such as water management and flood mitigation in southern Thailand and northern Malaysia, particularly in Kelantan and Terengganu.
He reiterated Malaysia's commitment to facilitating dialogue in Thailand's Southern Border Provinces.
"We are committed, (and) as I have repeatedly assured leaders in Thailand, we will do whatever is necessary to ensure that the dialogue process materialises.
"We will then work towards a Joint Comprehensive Plan towards Peace as a roadmap to create a conducive environment for peace and to foster development in southern Thailand and northern Malaysia.
"The northern region requires additional focused investments, as do the provinces in the south," he said.
Thailand remains a key trading partner for Malaysia, ranking as its sixth-largest globally and second-largest within Asean in 2023, with bilateral trade valued at US$24.83 billion (RM113.16 billion).
For the period between January and October this year, trade between the two nations reached US$20.75 billion (RM95.50 billion), surpassing the US$20.69 billion (RM94.37 billion) recorded in the same period last year.