Thailand and Japan strengthen economic ties
Thailand’s minister of commerce, Pichai Naripthaphan, recently met with Keita Ishii, president of the Japan Chamber of Commerce and Industry, to discuss strengthening economic ties between the two nations.
This marked the first time the two sides have met since Pichai and Ishii assumed their respective roles.
Thailand and Japan have a long-standing economic partnership, with Japan being a major investor in Thailand. Japanese companies such as Itochu, Kawasaki Heavy Industries, Sumitomo Corporation, and Toyota Tsusho, have made significant contributions to Thailand's economic growth.
Pichai emphasised Thailand’s readiness to welcome increased Japanese investment, particularly in sectors such as electronics, semiconductors, artificial intelligence, and green energy. He also highlighted Thailand’s potential as a regional food-security hub, capable of serving as a storage and export centre for agricultural products.
The Japan Chamber of Commerce and Industry, representing more than 1.25 million businesses in Japan, expressed its commitment to deepening economic cooperation with Thailand. The organisation recognises Thailand’s strategic location, skilled workforce, and favourable investment climate.
In 2023, bilateral trade between Thailand and Japan reached US$55.86 billion, with Thailand exporting products such as automobiles, machinery, and processed food to Japan. Key imports from Japan included machinery, steel, chemicals, and printed circuit boards.
Both countries say they are optimistic about the future of their economic partnership and are committed to working together to address global challenges and capitalise on emerging opportunities.
