Bangkok: Thai Prime Minister Sihasak Srimuang has outlined a strategic plan to enhance economic cooperation between Thailand and Australia, with a key aim to triple the current trade value. This initiative will prioritize agricultural technology and clean energy sectors, alongside discussions on rare earth minerals to bolster Thailand's semiconductor and electric vehicle (EV) industries.
According to Thai News Agency, Deputy Prime Minister and Minister of Foreign Affairs, Sihasak Phuangketkaew, shared insights during a visit to Australia with Prime Minister Anutin Charnvirakul and his team. The discussions centered on economic cooperation, a significant aspect of economic diplomacy, resulting in a joint leaders' statement to advance the relationship towards a comprehensive economic partnership.
Mr. Sihasak highlighted that a primary objective is to enhance bilateral trade, building on previous achievements where trade value between the countries tripled due to free trade agreements (FTAs).
The partnership includes key sectors such as agriculture and food, with a focus on agricultural technology (Ag-Tech) and smart agriculture. Australia's prowess in raw materials and technology is expected to help Thailand enhance the value of its food products. Additionally, there is potential to expand the market for Thai food products through established networks of Thai restaurants in major cities like Sydney.
In terms of clean energy and resource management, the two nations aim to collaborate on transitioning to clean energy, particularly solar and wind power, where Australia holds significant expertise.
Australia also provides critical resources like rare earth minerals, vital for producing lithium batteries essential for future industries, including electric vehicles (EVs) and the semiconductor industry, which are crucial to Thailand's future economic growth.
The Deputy Prime Minister emphasized ongoing cooperation in technology and the digital economy, with Thailand seeking to attract Australian investment in digital technology and artificial intelligence (AI), areas where Australia excels.
He also noted the increasing role of the Thai private sector in international investments, including in Australia, to expand beyond its domestic market of 60 million people.
The Ministry of Foreign Affairs commits to supporting and facilitating the resolution of regulatory challenges and advancing through various free trade agreements, ensuring Thai businesses can compete and operate effectively on the global stage.