The Commerce Ministry may seek funding from the Asia Cooperation Dialogue (ACD) to build a large rice silo in a move to establish Thailand as a food stockpiler for the world.

Commerce Minister Boonsong Teriyapirom said Thailand is in a very good position to become a stockpiler that can ensure the world's food security.

Food security was highlighted at a recent ACD summit in Kuwait.

The ACD was created in 2002 to promote Asian cooperation at a continental level and to help integrate regional cooperation among organisations such as Asean, the South Asian Association for Regional Cooperation and the Gulf Cooperation Council (GCC).

The ACD was founded by 18 members and now comprises 31 states including all Asean and GCC members. It covers 60% of the world's population.

At the summit, Kuwait proposed setting up a US$2-billion development fund for members under the ACD framework by initially offering seed money of $300 million through the Asian Development Bank.

Mr Boonsong said Thailand is interested in securing that fund to create food security for Thailand and the world.

"Prime Minister Yingluck Shinawatra has assigned the Commerce, Industry and Foreign ministries to monitor the fund closely in order to determine how Thailand can secure finance for a large rice silo that can stock rice for seven or eight years," he said.

"More discussion is needed among officials of these ministries."

Thailand can produce about 32 million tonnes of paddy a year, but existing silo facilities can stock rice for only two or three years.

In a related development, the government's official visit and trade mission to the Middle East from Oct 13-19 received a good response, bringing purchase orders from Kuwait worth not less than 50 million baht and from the UAE worth not less than 70 million baht for delivery within a year.

Two-way trade between Thailand and the Middle East amounted to $29.9 billion in the first eight months of this year, with Thai exports accounting for $7.79 billion.

Key exports included cars and parts, air-conditioners, rice, gems and jewellery, canned seafood and processed food.

Source: Bangkok post