Prime Minister of Thailand Focuses on Strengthening Economic Partnership with Japan

Tokyo: The Prime Minister emphasized the strategic partnership between Thailand and Japan, aiming to make it an "economic partnership." In a significant move to bolster economic ties, the Prime Minister outlined a strategy to transition the bilateral relationship from a "production base" to a more comprehensive "economic partnership." The announcement was made during a Team Thailand meeting in Japan, chaired by Prime Minister and Minister of Interior Anutin Charnvirakul, at the Imperial Tokyo Hotel. According to Thai News Agency, the Prime Minister highlighted the importance of leveraging technology, the environment, and geopolitics as key factors in transforming the Thai-Japanese partnership. He underscored the need for genuine mutual benefit and a shift towards co-production, integrating both nations into each other's supply chains. The Prime Minister also outlined policy directives to guide this transformation. The Prime Minister expressed his satisfaction in meeting with Team Thailand, as the informati on gathered would inform future work guidelines and strategies. He emphasized the importance of utilizing each side's strengths to achieve tangible results in the relationship with Japan, a long-standing friendly nation with significant investment in Thailand's industrial and infrastructure sectors. Thailand is currently undergoing a transition towards greater integration with global markets. While this might reduce dependence on Japan in certain areas, it reflects a diversification of investment sources and cooperation with various countries. The Prime Minister stressed the need for direct investment from Japan to build upon Thailand's existing production base and develop supply chains for future industries, including digital, electronics, and technology sectors. In addressing energy transition, the Prime Minister noted Thailand's efforts to reduce reliance on fossil fuels and increase the share of clean energy. He outlined opportunities for the private sector to participate in electricity generation, alig ning with global trends and regulations, and emphasized the necessity of preparing laws, infrastructure, and funding sources to support economic transformation. The Prime Minister reiterated the importance of Japanese investment in Thailand, citing its long-standing experience and investment base. He expressed confidence in Japan's potential interest in doing business in Thailand, encouraging further cooperation in investments linked to existing supply chains and new high-value-added industries. The Prime Minister instructed Team Thailand and relevant agencies to closely monitor Thai-Japanese relations and incorporate feedback into their work to promote cooperation in trade, investment, energy, and industrial development. He also reiterated the government's ongoing policy to combat scams, illegal businesses, and online crime, noting significant asset seizures and improved credit ratings for Thailand. Additionally, the Prime Minister addressed concerns about visa overstays by Thai nationals, affirming Thail and's readiness to cooperate with Japanese authorities. He assured Team Thailand of the government's stability, bolstered by strong parliamentary support and effective cooperation among all sectors. The roadshow also featured Mr. Paiboon Nalintrungkur, Chairman of the Federation of Thai Capital Market Businesses (FETCO), who highlighted recent positive developments in the Thai capital market. Mr. Assadej Kongsiri, President and CEO of the Stock Exchange of Thailand (SET), noted the positive feedback from foreign investors and the rise in the SET index, which reflects confidence in the government's policies and their effectiveness. The SET continues to foster collaboration with Japan and promote opportunities for foreign companies to invest and grow in Thailand.