Thai commerce minister meets German official on trade, investment
Thai Commerce Minister Pichai Naripthaphan has held bilateral talks with Dr Nicole Hoffmeister-Kraut, minister of economic affairs, labour and tourism for the German state of Baden-Württemberg, to discuss accelerating trade and investment across various industries.
The meeting focused on attracting investment in data centres and expanding Thailand's AI (artificial intelligence) production base, while also pushing for the successful conclusion of Thailand-EU Free Trade Agreement (FTA) negotiations.
Baden-Württemberg, Germany's third-largest state by population and GDP, accounts for about one-fifth of the total trade value between Thailand and Germany. The region is particularly strong in electronic data-processing equipment and mechanical and electrical machinery.
Pichai highlighted several areas of mutual interest for trade and investment promotion, including the automotive sector, mechanical engineering, electrical circuit boards, data centres, alternative energy, and soft-power industries such as food and tourism.
"We've asked Germany to support the Thailand-EU FTA negotiations to ensure a swift conclusion," Pichai said. "Both sides agree that this agreement will significantly benefit trade and investment between our countries."
The ministers also discussed plans to organise trade delegations, with Pichai extending an invitation to Baden-Württemberg businesses to invest in Thailand. He assured his counterpart that Thailand would facilitate investors from the German state looking to establish operations in the country.
Baden-Württemberg is home to several world-renowned companies that have already invested in Thailand, including Daimler (Mercedes-Benz) in the automotive sector and Bosch in propulsion technology, intelligent transportation, and electrical equipment.
Germany is Thailand's largest trading partner within the European Union. In 2023, bilateral trade between the two nations reached US$10.74 billion.
Thai exports to Germany, valued at $4.56 billion, primarily consisted of electrical circuit boards, gems and jewellery, computers, and automotive components. Imports from Germany, totalling $6.18 billion, mainly included machinery, electrical equipment, medical and pharmaceutical products, chemicals, and scientific instruments.
As both countries look to strengthen their economic ties, this high-level meeting is seen as an important step towards fostering greater cooperation and mutual growth in the years to come.
