Malaysia and Thailand Set Ambitious US$30 Billion Trade Target by 2027
Putrajaya, The Gulf Observer: Malaysia and Thailand have set an ambitious target of achieving US$30 billion (RM133.81 billion) in bilateral trade by 2027, announced Malaysian Prime Minister Datuk Seri Anwar Ibrahim following a meeting with his Thai counterpart, Paetongtarn Shinawatra, at Perdana Putra yesterday.
During a joint press conference, Anwar expressed optimism about the economic potential of both nations. “We have set the target of US$30 billion by 2027. It can be seen to be very ambitious, but we are looking at the huge economic potential in Thailand and also in Malaysia. That’s something that we need to work with,” he said.
In a joint media statement, the two leaders tasked their respective officials to intensify efforts to achieve the 2027 trade goal. As part of this initiative, Thailand will host the 4th Joint Trade Committee meeting on a mutually agreed date.
The leaders also acknowledged the significant role of the private sector in driving economic cooperation. They encouraged deeper collaboration under the Memorandum of Understanding (MOU) signed last year between the Digital Economy Promotion Agency of Thailand and the Malaysia Digital Economy Corporation.
Tourism and Regional Cooperation
The prime ministers welcomed efforts to boost tourism and ease the mobility of tourists between the two countries and the broader region. Both leaders expressed support for Thailand’s “six countries, one destination” scheme and agreed to explore joint tourism campaigns, including co-promoting Visit Malaysia 2026 and the Amazing Thailand Grand Tourism Year 2025.
Strengthening the Halal Economy
Recognizing the growing global halal economy, projected to reach US$5 trillion (RM22.2 trillion) by 2030, the leaders committed to enhancing the complementarity of their halal industries. This includes joint export promotion of halal goods and services, sharing best practices, advancing research and development, and fostering collaboration between the public and private sectors. Malaysia also offered to support Thailand in developing a local halal ecosystem through courses under the Malaysian Technical Cooperation Programme.
Rubber Industry Development and Infrastructure Projects
During the visit, a new MOU was signed between the Malaysian Rubber Board and the Rubber Authority of Thailand to advance the rubber industry. Both leaders also reiterated their commitment to completing key infrastructure projects, including the road alignment linking Bukit Kayu Hitam Immigration, Customs, Quarantine, and Security (ICQS) with Sadao Customs, Immigration, and Quarantine (CIQ) in Thailand, and constructing a second bridge connecting Rantau Panjang in Kelantan to Sungai Golok in Narathiwat.
Anwar emphasized that these infrastructure projects would enhance bilateral collaboration and address critical issues such as water management and flood mitigation in areas like Sungai Kelantan, Sungai Golok, and southern Thailand.
Bilateral Trade Performance
Thailand is Malaysia’s sixth-largest trading partner globally and the second-largest among ASEAN member states. In 2023, total trade between the two nations reached US$24.83 billion (RM113.16 billion). Between January and October 2024, trade amounted to US$20.75 billion (RM95.5 billion), surpassing the same period in 2023.
The meeting and agreements underscore the shared commitment of Malaysia and Thailand to strengthening bilateral relations, fostering regional cooperation, and advancing mutual economic growth.
