Thailand set to become minting hub in South East Asia
13 Jan 2015
Strategic partnership between the world’s leading export mint and the Treasury Department of Thailand to cover a number of mutually beneficial projects.
The Royal Mint has signed a Technical Cooperation Agreement (TCA) with the Treasury Department of Thailand at the Royal Thai Embassy in London.
The Royal Mint has a long standing relationship and cooperation with the Treasury Department of Thailand that includes the regular supply of circulating coin blanks to the Royal Thai Mint. The Royal Mint is currently supplying coin blanks to the Royal Thai Treasury for the 1 Baht denomination having signed a c £8 million contract in August 2014.
The TCA incorporates a series of projects that will see The Royal Mint sharing the benefits of more than 1,000 years of manufacturing history and experience, focused on technical skills and coin management training. The institutions hope that this expert knowledge will help to establish Thailand as the regional hub for minting and coin management in South East Asia within the next three years.
The TCA is also focussed on improving and promoting minting as an industry, as well as effective coin management in the neighbouring ASEAN countries. In order to enhance and improve the capabilities and efficiencies of the Royal Thai Mint, the technical training will focus on all aspects of production, to include packaging development, medal production and the striking of circulating and commemorative coins. An important and exciting project of the Agreement is a joint agreed strategic plan to introduce circulating coins in Asia, focussing on the neighbouring countries to Thailand and based upon a collaborative offering of products and services from The Royal Mint and the Treasury Department of Thailand.
In its capacity as the world’s leading export mint, annually supplying 50 to 60 countries with circulating coins and blanks, The Royal Mint is widely regarded as an industry leader in coin management and distribution, renowned not only for its 1,000-year heritage but also its innovation that harnesses state-of-the-art technology to the service of the highest standard of minting. As well as being responsible for the provision and maintenance of the UK’s coinage, it provides invaluable support and advice to various Central Banks and Issuing Authorities.
Andrew Mills, Director of Circulating Coin at The Royal Mint, commented: “The Royal Mint has a longstanding and excellent working relationship with the Treasury Department of Thailand. This exciting agreement based on a series of projects has the objective of establishing Thailand as the key regional centre for the minting industry. At The Royal Mint, we pride ourselves on having developed our craft to produce the highest quality coinage and for being at the forefront of technology and innovation both for the UK and abroad. It’s great that we’re now able to share that expertise with different parts of the world.”
Dr Naris Chaiyasoot, Director General at the Treasury Department of Thailand, commented: I am delighted that the Treasury Department of Thailand and The Royal Mint shall collaborate strategically within the framework of the Technical Cooperation Agreement on projects such as the Regional Coin Training Centre and a plan to introduce circulation coins in ASEAN region.
Sommai Phasee, Finance Minister of Thailand, commented: I am delighted to announce the signing of the Agreement which is one of the successful deliverables of the Thailand and United Kingdom Strategic Dialogue and an example of the close relationship between our two countries. On behalf of the Ministry of Finance of Thailand, I wish for great success of the Technical Cooperation Agreement and look forward to the future cooperation of The Royal Mint and HM Treasury.