S’pore, Thailand strengthen business ties with four deals inked
SINGAPORE — The Republic and Thailand inked four agreements yesterday, setting the stage for more collaboration between business federations and in media events and co-productions as well as cruise development.
The agreements include a new Singapore-Thailand Avoidance of Double Taxation Agreement that contains improved terms to provide for avoidance of double taxation on income earned in one country by a resident of the other nation. It will replace the existing agreement signed in September 1975.
The agreements were signed at the Istana and witnessed by Prime Minister Lee Hsien Loong and his Thai counterpart, General Prayuth Chan-o-cha, who was on a two-day introductory visit to the Republic.
Gen Prayuth, who attended the state funeral of Singapore’s founding Prime Minister Lee Kuan Yew in March, will leave the Republic today. He was accompanied by his wife, Associate Professor Naraporn Chan-o-cha, Deputy Prime Minister and Minister of Foreign Affairs Tanasak Patimapragorn, Minister of Tourism and Sports Kobkarn Wattanavrangkul and other senior officials.
Yesterday, Gen Prayuth also called on President Tony Tan Keng Yam and met Mr Lee for the Singapore-Thailand Leaders’ Retreat.
During the retreat, both leaders reiterated the importance of maintaining institutional links between the two governments and discussed ways to strengthen bilateral economic ties, particularly in developing the cruise-tourism industry in South-east Asia, said Singapore’s Ministry of Foreign Affairs.
On regional issues, the leaders noted the challenges of cybersecurity and counterterrorism, and emphasised the importance of both countries cooperating on these issues.
Addressing the media, Gen Prayuth, who became Thai Prime Minister last August following a military coup, thanked Mr Lee and the Singapore Government for understanding the political situation in Thailand, which has returned to order and stability.
Gen Prayuth also updated Mr Lee on his country’s three-phase road map, which first focuses on national reconciliation and the establishment of a legislative council followed by a general election next year.
Thailand’s return to stability will help contribute to overall stability and security of the Association of Southeast Asian Nations, as well as to bilateral relations, said Gen Prayuth.
Mr Lee said he is happy to see Thailand stable and progressing.
Gen Prayuth’s visit in the 50th year of diplomatic relations between Singapore and Thailand is timely, and both countries are keen to deepen economic ties and promote business-to-business relations, he said.
The general will meet Singapore business leaders at a forum today and Mr Lee called it an “outstanding opportunity for our businesses to hear first-hand about the openings and possibilities in Thailand”.
The Republic is Thailand’s second-largest investor and bilateral trade is currently worth about S$30 billion a year, said Mr Lee. Last year, about 800,000 Singaporeans visited Thailand and more than 500,000 Thais visited Singapore.
In a toast to his Thai counterpart at a dinner at the Istana, Mr Lee noted direct aviation links between Singapore and six Thai cities, and said he might take a budget flight to Krabi or a cruise to Thailand if given the chance.
Gen Prayuth will also attend the SEA Games today and have an orchid named after him and his wife at the Singapore Botanic Gardens.
