JETRO Bangkok holds 70th Anniversary Forum

At the JETRO Bangkok 70th Anniversary Forum on Tuesday, Ishiguro emphasised "co-creation" as the key to future Japan-Thailand collaboration. He stressed the importance of exploring innovative solutions to meet upcoming economic challenges, particularly in technology and environmental sectors.

To underscore Japan's commitment to sustainable investment and development, JETRO has established a "Sustainable Desk" at its Bangkok bureau, aimed at assisting Japanese companies in finding suitable partners when expanding into the Thai market.

"As a Japanese public agency that aims to promote and support trade and investment of Japanese companies in foreign countries, JETRO will continue to strengthen and facilitate business relationships between Thailand and Japan," Ishiguro said.

Expanded Partnerships

JETRO Bangkok president Junichiro Kuroda announced the extension of memoranda of cooperation with several Thai government agencies to bolster the expansion of Japanese businesses in Thailand.

A significant collaboration is with the Eastern Economic Corridor Policy Committee (EECO). The renewed memorandum, signed in January 2022, includes new areas of cooperation such as promoting Japanese startups in the EEC and supporting the commercialisation of innovative Japanese technologies.

JETRO Bangkok has also partnered with the Japan Aerospace Exploration Agency (JAXA), focusing on promoting investment in Thailand's space economy and green technology sectors.

Additionally, JETRO Bangkok is preparing to renew its memorandum of cooperation with the Board of Investment (BOI). The revised agreement will include new initiatives to support Japanese startups, foster Thai-Japanese business collaborations, and promote the adoption of advanced Japanese technologies in Thailand.

Thai Government's Response

Thailand's commerce minister, Pichai Naripthaphan, expressed deep gratitude for JETRO’s and Japanese businesses' contributions to the Thai economy. 

Speaking on behalf of Prime Minister Paetongtarn Shinawatra, Pichai highlighted the valuable role JETRO Bangkok has played in developing the Thai economy and society over the past 70 years.

He said he had held bilateral discussions with Ishiguro to encourage investment in Thailand's PCB (printed circuit board) industry. The minister emphasised the government's readiness to promote Japanese investment, particularly in the semiconductor sector, which is expected to create significant employment opportunities.

According to the BOI, the value of investment in PCBs and semiconductors in the country this year has already reached 150 billion baht, with Japanese companies playing a significant role.

"We would like to see more trade and investment in Thailand's high-tech industry, which is a key driver of future growth. Also, this high-tech investment is a significant source of high-paying jobs as well as an important opportunity for Thai workers to improve their skills," Pichai said. 

He added that the ministry has now partnered with the Ministry of Higher Education, Science, Research and Innovation to groom young new talents to support Japan's investment.

Pichai also addressed a common concern between the Commerce Ministry and JETRO: the strength of the Thai baht. He said the government will hold an open discussion with the Bank of Thailand to explore solutions to help reduce the current value of the baht.

Long-standing Partnership

Japan remains a crucial strategic partner for Thailand and has long been the country's top foreign investor, accounting for about one-quarter of all foreign investment. 

Nearly 6,000 Japanese companies currently operate in Thailand, with investments spanning various sectors including industrial chemical production, electricity generation, and telecommunications products.

The Bangkok office, established as JETRO’s first business promotion centre outside Japan, continues to play a pivotal role in fostering economic ties between the two nations. As both countries look towards future collaboration, particularly in areas of sustainability and innovation, the long-standing partnership between Japan and Thailand appears set to strengthen further.