Thailand and Indonesia Strengthen Economic Ties for Regional Prosperity
Business leaders gather in Bangkok to discuss opportunities and challenges in Thailand-Indonesia relations.
A forum hosted by the Sasin School of Management and the Indonesia-Thai Chamber of Commerce recently took place at TK Hall, Sasin School of Management, located in Bangkok’s Pathumwan district.
The event gathered business leaders from various industries in Thailand and Indonesia to discuss emerging market trends and the challenges faced in cross-border business operations within the ASEAN region.
Ian Fenwick, director of Sasin, emphasized the necessity of enhancing economic ties amidst a global transition towards smarter and more sustainable practices.
He outlined the forum's role as a vital platform for sharing insights among business leaders, particularly in a time when the dynamics of global economics are shifting.
Rachmat Budiman, the Ambassador of the Republic of Indonesia to Thailand, underscored the longstanding relationship between the two nations, highlighting that they have maintained diplomatic ties for 75 years since their establishment on March 7, 1950.
Budiman noted a significant meeting in May between Indonesian President Prabowo Subianto and Thai Prime Minister Paetongtarn Shinawatra, which could advance business relations and elevate bilateral interactions to a strategic partnership.
In light of a rapidly changing global economic environment characterized by realignments, energy transitions, and digital transformations, Budiman advocated for closer cooperation in politics, trade, investment, tourism, and technology.
He noted that while global economic competition is inevitable, it also represents an opportunity for both nations to strengthen their collaboration and mutual learning.
Thanita Sirisup, an investment adviser at Thailand’s Board of Investment (BOI), addressed the potential for developing new business pathways and leadership opportunities between Thailand and Indonesia.
Sirisup pointed to the deep roots of mutual respect, economic partnership, cultural exchange, and people-to-people relationships that have defined the countries' interactions over the years.
She stated the BOI's commitment to promoting two-way investment, both attracting foreign investments into Thailand and encouraging Thai investments in Indonesia.
Plans for a BOI delegation to visit Jakarta and Surabaya from June 16 to 19 were announced as part of this effort.
Trade data from the Department of International Trade Promotion (DITP) revealed that Indonesia ranked as Thailand's 10th largest export market in 2023, with trade between the two nations valued at $18.39 billion (approximately 637.26 billion baht).
Thailand's exports to Indonesia were recorded at $10.04 billion (around 346.06 billion baht), while imports totaled $8.35 billion (about 291.19 billion baht).
The leading export products from Thailand included automobiles and parts, sugar, plastic pellets, rice, and machinery.
In contrast, Thailand's primary imports from Indonesia were crude oil, coal, machinery and parts, automotive components and accessories, and passenger vehicles.
The event gathered business leaders from various industries in Thailand and Indonesia to discuss emerging market trends and the challenges faced in cross-border business operations within the ASEAN region.
Ian Fenwick, director of Sasin, emphasized the necessity of enhancing economic ties amidst a global transition towards smarter and more sustainable practices.
He outlined the forum's role as a vital platform for sharing insights among business leaders, particularly in a time when the dynamics of global economics are shifting.
Rachmat Budiman, the Ambassador of the Republic of Indonesia to Thailand, underscored the longstanding relationship between the two nations, highlighting that they have maintained diplomatic ties for 75 years since their establishment on March 7, 1950.
Budiman noted a significant meeting in May between Indonesian President Prabowo Subianto and Thai Prime Minister Paetongtarn Shinawatra, which could advance business relations and elevate bilateral interactions to a strategic partnership.
In light of a rapidly changing global economic environment characterized by realignments, energy transitions, and digital transformations, Budiman advocated for closer cooperation in politics, trade, investment, tourism, and technology.
He noted that while global economic competition is inevitable, it also represents an opportunity for both nations to strengthen their collaboration and mutual learning.
Thanita Sirisup, an investment adviser at Thailand’s Board of Investment (BOI), addressed the potential for developing new business pathways and leadership opportunities between Thailand and Indonesia.
Sirisup pointed to the deep roots of mutual respect, economic partnership, cultural exchange, and people-to-people relationships that have defined the countries' interactions over the years.
She stated the BOI's commitment to promoting two-way investment, both attracting foreign investments into Thailand and encouraging Thai investments in Indonesia.
Plans for a BOI delegation to visit Jakarta and Surabaya from June 16 to 19 were announced as part of this effort.
Trade data from the Department of International Trade Promotion (DITP) revealed that Indonesia ranked as Thailand's 10th largest export market in 2023, with trade between the two nations valued at $18.39 billion (approximately 637.26 billion baht).
Thailand's exports to Indonesia were recorded at $10.04 billion (around 346.06 billion baht), while imports totaled $8.35 billion (about 291.19 billion baht).
The leading export products from Thailand included automobiles and parts, sugar, plastic pellets, rice, and machinery.
In contrast, Thailand's primary imports from Indonesia were crude oil, coal, machinery and parts, automotive components and accessories, and passenger vehicles.
