The United Kingdom’s new government intends to pursue further trade with Thailand and Southeast Asia as a whole in addition to broadening connections in other areas including digital technology, healthcare and clean energy.
Rhiannon Harries, UK Deputy Trade Commissioner for Southeast Asia, was in Bangkok from Aug 5–7 to hold discussions with government officials, members of the business sector and UK entrepreneurs in Thailand about UK-Thai trade relations.
She also gave a speech at Techsauce Global Summit 2024 on Aug 7 at the Queen Sirikit National Convention Center.
In an interview with the Bangkok Post at the British Embassy in Bangkok, Ms Harries said the primary goal of British government policies is to expand the country’s economy.
In light of this, she said, it is critical that the United Kingdom look to collaborate with nations with rapidly expanding economies, such as those in Southeast Asia.
The UK government hinted at such a collaboration during the recent Asean Foreign Ministerial Meetings in Laos, she said.
According to the British embassy, the UK-Thailand bilateral trade relationship is worth about £6 billion (about 268 billion baht) annually, with the UK exporting £2.5 billion worth of goods and services such as cars and financial services.
The UK-Thailand Joint Economic and Trade Committee was formed as part of a commitment to deepen trade and address barriers affecting business activities in both countries, Ms Harries said.
“We have already seen the strong signal [in seeking partnership with Southeast Asian countries] with David Lammy, the new UK Foreign Secretary, participating in the Asean Foreign Ministerial Meeting in Vientiane,” Ms Harries said.
“So that is the strong sign of the continued partnership with region and Thailand.”
She suggested that digital tech, healthcare and life sciences, and clean energy could be new areas in which Thailand and the UK can work together.
The United Kingdom is home to four of the top 10 universities in the world and over 160 unicorn enterprises, with a combined valuation of over US$1 trillion (about 34.5 trillion baht), she said.
The tech companies in the UK raised more than $21 billion last year, she added.
She said Thailand’s digital economy surpassed $36 billion in gross merchandise value last year, the second largest in Asean, and Thailand is thriving to be a leading hub in the region.
“UK expertise in technology could support Thailand in this trajectory,” she added.
She said that when it comes to healthcare and life science, the UK is a pioneer and leader in the fields of clinical services, education and training, digital health, infrastructure development, health systems development, genomics and personalised medicine and patient safety.
Currently, the United Kingdom is partnering with Thailand in areas including genomics, vaccines and medical devices, she said.
“So, there is a huge amount that we can do to support in this sector, and there is a real opportunity to support Thailand in this area too,” Ms Harries added.
In addition, she said the goal of the new government in the UK is to establish the country as a clean energy superpower.
This requires building up the country’s renewable energy potential both domestically and internationally, she said.
She said both the UK and Thailand can work on this together.
The United Kingdom is the first large-economy country to cut emissions in half, having done so between 1990 and 2022, she said.
In addition, the UK has the second-biggest offshore wind market globally and the largest in Europe, she said.
Also, two Thai companies have already invested in the UK’s clean energy sector, she said.
She said Gulf Energy Development Plc has spent £90 million toward the creation of an offshore wind farm in the UK.
Additionally, PTT Exploration and Production Plc has invested £522 million in a British company in the clean energy sector, she said.
Once completed, the projects will power about 1.6 million households, which supports the UK’s net zero targets, she said.
“Historically, Thai investment has been focused on food and drink. But increasingly, we have seen more interest in renewable energy and digitals,” she said.
“[The offshore wind farm] shows the opportunity for partnership from what we have seen in the trends and investment,” she said. “That is a very exciting shift.”
Harries: Exciting shifts afoot
