Bangkok: Thanakorn Wangboonkhongchana, Minister of Industry, highlighted the careful approach taken by Prime Minister Anutin Charnvirakul in signing a Memorandum of Understanding (MOU) with the United States concerning rare earth minerals. According to Thanakorn, this move is expected to be beneficial for Thailand, particularly in fostering technological advancement.
According to Thai News Agency, the MOU between Thailand and the United States encompasses a joint study and development of rare earth minerals, adhering to Thai law and principles of good governance. Thanakorn emphasized that the agreement is not legally binding and can be undone if necessary. He also noted that while Thailand possesses some rare earth minerals, their low concentration makes mining them economically unfeasible. Yet, the country stands to gain from the agreement by becoming a hub for electric vehicle and battery investments.
Thailand currently exports approximately 13,000 tons of rare earth minerals annually after importing and refining them. Thanakorn sees this as a win-win situation, provided feedback from various parties is considered. He assured that environmental impact assessments are part of the study, acknowledging historical findings of low-concentration minerals in the southern region, such as tin.
Thanakorn addressed concerns regarding a potential trade war, given the Chinese government's restrictions on the United States concerning rare earth minerals. He expressed confidence in Anutin's strategy to maintain balance between major powers, ensuring it would not harm Thailand. The Prime Minister's focus on leveraging such agreements to enhance education and technological introduction is a testament to this approach.
In response to concerns about Thailand's position relative to the United States, Thanakorn stated that Thailand remains open to signing MOUs with other countries, such as Australia, from which it imports a significant amount of minerals. He confirmed that any such agreements would comply with Thai law and the constitution, having been vetted by the Council of State and Deputy Prime Minister Bowornsak Uwanno, and approved by the Cabinet.
The timing of the agreement's announcement was questioned, with Thanakorn explaining that it was only recently brought to his attention by the Ministry of Foreign Affairs. He assured that all relevant parties had been consulted beforehand, reinforcing the government's commitment to transparency and due process.