Trade ties between Thailand and Malaysia are likely to develop strongly in the future after the two governments reached a wide sweeping investment deal.

Malaysian Deputy Prime Minister Tan Sri Muhyiddin Yassin said many Thai businesses had expressed their desire to pour money into Malaysia, while the Thai Government committed to liberalising the banking sector in order to facilitate the business activities of Malaysia’s financial organisations in the country.

Muhyiddin Yassin spoke to the press after attending a meeting in Bangkok with leading Thai enterprises from sectors such as tourism, retail, real estate and manufacturing.

The deputy prime minister also underlined the significance of his official visit to Thailand from August 22-23, promising that it would life trade ties to unprecedented new heights.

According to the Deputy PM, Thailand is now the fifth largest trade partner of Malaysia and the second largest of Southeast Asia.

Two-way trade between the two countries enjoys an annual growth of 12 -13 percent each year and about 400 Malaysian companies are investing in Thailand, he said.-VNA