Great idea: Thailand to pay high-speed-rail with rice

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highspeedtrainThailand is set to close an interesting barter deal with China. As per a release by the National News Bureau of Thailand, the government’s news agency, Thailand was scheduled to sign a memorandum of understanding with China on October 11, 2013, on China’s acceptance of Thai agricultural products, mainly rice, as payment for a high-speed railway system development.

Transport Minister Chatchart Sitthiphan said China would allow Thailand to pay for its railway investment with farm produce such as rice and rubber. After the agreement is signed, a committee will be set up to study the feasibility of such payment method and decide which produce will be used to pay for which part of the railway systems.

The minister said if the committee found that the payment method was not appropriate, the government could cancel it immediately since the agreement would have no binding effects.

According to the minister, trains and train parts account for 20-30 per cent of the total value of the high speed train project or about 140-210 billion baht ($4.4-6.6 billion).

Chatchart added that Thailand’s high-speed train project was still in the process of undergoing a feasibility study; therefore, the government had not yet decided who would be responsible for the project implementation.

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Reading Time: 1 minute

Thailand is set to close an interesting barter deal with China. As per a release by the National News Bureau of Thailand, the government’s news agency, Thailand was scheduled to sign a memorandum of understanding with China on October 11, 2013, on China’s acceptance of Thai agricultural products, mainly rice, as payment for a high-speed railway system development.

Reading Time: 1 minute

highspeedtrainThailand is set to close an interesting barter deal with China. As per a release by the National News Bureau of Thailand, the government’s news agency, Thailand was scheduled to sign a memorandum of understanding with China on October 11, 2013, on China’s acceptance of Thai agricultural products, mainly rice, as payment for a high-speed railway system development.

Transport Minister Chatchart Sitthiphan said China would allow Thailand to pay for its railway investment with farm produce such as rice and rubber. After the agreement is signed, a committee will be set up to study the feasibility of such payment method and decide which produce will be used to pay for which part of the railway systems.

The minister said if the committee found that the payment method was not appropriate, the government could cancel it immediately since the agreement would have no binding effects.

According to the minister, trains and train parts account for 20-30 per cent of the total value of the high speed train project or about 140-210 billion baht ($4.4-6.6 billion).

Chatchart added that Thailand’s high-speed train project was still in the process of undergoing a feasibility study; therefore, the government had not yet decided who would be responsible for the project implementation.

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