Thai officials have confirmed that the relationship between Thailand and the UAE is progressing confidently towards a prosperous economic future, based on a strategic partnership that has resulted in robust trade exchanges, as well as promising cooperation in innovation, digitalization, and food security.
This affirmation was made during the “Doing Business with Thailand” forum held by the Dubai Chambers as part of their trade mission to Bangkok from May 28 to 30. Officials noted that direct investment flows from the UAE to Thailand have steadily increased over the past few years, targeting vital and innovative sectors. They anticipate that this investment momentum will continue to grow, driven by initiatives taken by different players in both countries. This includes the Dubai Chambers’ recent efforts in leading the trade mission and establishing a representative office, described as a new bridge connecting Thailand with the UAE.
Dr. Puak Aramwatthananon, President of the Thai Chamber of Commerce, remarked during the forum that as both countries celebrate the 50th anniversary of diplomatic relations, the UAE has emerged as a key trading partner for Thailand in the Middle East.
He highlighted the commitment of the Thai Chamber of Commerce to push Thai companies into global markets. Emphasizing the “Open Growth Pathways” policy launched by Thailand this year, he noted a focus on readiness for future transformations, boosting confidence in the business environment, intensifying investments in global supply chains, and integrating modern technologies such as artificial intelligence, robotics, and the Internet of Things, alongside developing talents relevant to sustainability.
Chotinthurorn Gongsakdi, Secretary of the Thai Minister of Foreign Affairs, characterized the trade mission to Bangkok as more than just a business venture; it is a celebration of a five-decade-old partnership between the two nations.
He stated that the opening of the Dubai Chambers’ office in Bangkok, the third in the ASEAN region, reflects their mutual commitment to a dynamic economic future.
During the previous two years, 19 investment projects from the UAE worth over $90 million have entered Thailand, including a data center from Damac Group and solar energy projects, which are seen as strategic pillars for a shared future.
Thailand has reaffirmed its dedication to sustainable growth through a bio-circular-green economy model, which offers extensive investment opportunities for the UAE in areas such as smart agriculture, green manufacturing, bio-packaging, medical innovation, and digital solutions.
Bournavit Silawon, Deputy General Manager at the International Trade Promotion Department of the Thai Ministry of Commerce, mentioned that the trade mission from Dubai comes at an ideal time, coinciding with Thaifex, one of the largest food exhibitions in the world.
He praised the establishment of the representative office by the Dubai Chambers in Bangkok, calling it a vital bridge between the business communities of both countries, and confirmed the Thai Ministry of Commerce’s support for this significant step. Furthermore, Tanita Srisub, Senior Investment Advisor at the Thai Investment Board, stated that Thailand serves as a strategic gateway to Asian and Southeast Asian markets, benefitting from free trade agreements that connect to markets comprising over 2.3 billion consumers, or roughly 30% of the world’s population.
She detailed that Thailand boasts strong supply chains in sectors such as food, agriculture, automotive, electronics, and chemicals, providing a flexible business environment and significant openness to investors. She also spoke about various investment projects presented through the Thai Investment Promotion Agency, highlighting that in the past five years, 25 projects from the UAE, with a total estimated value of 125 million dirhams, have been launched.
Investment activity from the UAE in Thailand is expected to continue to rise, especially in 2024, which alone recorded 11 investment projects through the agency, marking the highest number in five years.