Experts: Thailand and Indonesia can strengthen ties for regional prosperity
Amid global economic uncertainties, experts have suggested that Thailand and Indonesia can cooperate to foster prosperity for both nations, during an executive forum held on Thursday.
The forum, hosted by the Sasin School of Management and the Indonesia-Thai Chamber of Commerce, took place at TK Hall, Sasin School of Management, in Bangkok’s Pathumwan district.
As the world transitions towards smarter and more sustainable practices, Ian Fenwick, director of Sasin, emphasised the importance of strengthening economic ties and facilitating cross-border business within the ASEAN region.
He believes that this forum provides an opportunity for business leaders from various industries in Thailand and Indonesia to share trends reshaping markets, as well as explore the opportunities and challenges in business operations.
Rachmat Budiman, the Ambassador of the Republic of Indonesia to Thailand, highlighted that Thailand and Indonesia have enjoyed a strong relationship over the past 75 years, since the establishment of diplomatic ties on March 7, 1950.
He also pointed out that the meeting between Indonesian President Prabowo Subianto and Thai Prime Minister Paetongtarn Shinawatra in Bangkok in May provides an opportunity to further strengthen business relations, particularly through the elevation of bilateral relations to a strategic partnership.
Given the dynamic global economic landscape, marked by realignments, energy transitions, and digital transformations, Budiman stressed that Thailand and Indonesia should work more closely than ever in politics, economy, trade, investment, tourism, and technology.
Acknowledging that global economic competition is inevitable, he noted that it also presents an opportunity for both countries to grow stronger. "This risk is healthy competition, and there is room to learn from one another, to grow together, and to help our companies in a peaceful, albeit challenging, manner," he said.
Thanita Sirisup, investment adviser at Thailand’s Board of Investment (BOI), celebrated the milestone moment and the opportunity to explore new pathways for business and leadership between Thailand and Indonesia.
“Our relationship has long been built on a strong foundation of mutual respect, economic partnership, cultural exchange, and people-to-people ties,” she explained.
“Over the decades, it has evolved into a dynamic and forward-looking collaboration that reflects the shared aspirations of both countries, particularly as we work together towards the regional prosperity of ASEAN, both economically and politically.”
She revealed that the BOI is promoting two-way investment: attracting foreign investment into Thailand and encouraging Thai investors to invest in Indonesia. She also announced plans for a BOI delegation to visit Jakarta and Surabaya to promote investment between the two countries from June 16 to 19.
“We believe that such interactive engagement is vital to building trust, uncovering new opportunities, and turning strategic intent into concrete action,” she added.
According to the Department of International Trade Promotion (DITP), Indonesia was Thailand’s 10th largest export market in 2023, with trade valued at US$18.39 billion (637.26 billion baht).
Thailand’s exports to Indonesia amounted to $10.04 billion (346.06 billion baht), while imports totalled $8.35 billion (291.19 billion baht).
The top five export products from Thailand were automobiles and parts, sugar, plastic pellets, rice, and machinery and parts. Meanwhile, the top five imports to Thailand were crude oil, coal, machinery and parts, automotive components and accessories, and passenger vehicles.
