Panpree_Phahitthanukorn Thailand Diplomacy Economy Economic

Thailand Foreign Ministry Initiates Global Summit to Boost Economic Diplomacy

In a strategic move, the Foreign Ministry has summoned ambassadors and consuls-general worldwide for a pivotal meeting from November 20 to 24. The objective is to deliberate on the government’s economic diplomacy policy.

The gathering aims to collaboratively formulate strategies. It includes ambassadors, consuls, and commercial attachés from the Ministry of Commerce and the Board of Investment (BOI). This initiative emphasizes opening new markets and attracting investments.

Moreover, the meeting will facilitate joint efforts with provincial governors. They will focus on fostering relationships and cooperation with neighbouring countries across various dimensions. Furthermore, the meeting will seek input from diverse sectors, including academia and private organizations. This will cover topics like megatrends, politics, economics, superpower competition, climate change, and the digital economy.

Thailand currently has 97 diplomatic offices worldwide. It is set to actively engage in certain programs. In the seminar “Thailand Economic Outlook 2024 Change the Future Today,” Deputy Prime Minister Parnpree Bahiddha-Nukara emphasized the government’s commitment. The focus is on utilizing economic diplomacy as a primary tool to attract foreign investors.

Economic gains but also risks in diplomacy

This proactive approach revolves around enhancing negotiation power, diversifying economic risks, and adding value to Thailand’s relationships. The focus lies on green economy, alternative energy, digitalization, and sustainable agriculture to create jobs. Subsequently, it will reduce reliance on the traditional economy.

Key countries in the crosshairs for enhanced relations include China, the US, Japan, and India. Thailand will also strengthen ties with economically significant nations like South Korea, Australia, the European Union, ASEAN members, Saudi Arabia, and Turkey.

To foster an environment conducive to manufacturing, services, research, and development, Thailand seeks to align with global changes. Economic diplomacy will serve as the forefront in addressing global challenges, such as climate change. Subsequently, it will also explore opportunities in the digital economy, innovation, and entrepreneur development.

Encouraging Thai investments abroad, Thailand will extend benefits to investors in future industries. Moreover, the BOI will streamline long-term visas and prioritize blue economy and regional cooperation through platforms like ACD, ACMECS, BIMSTEC, and the BRICS group. Thailand’s economic diplomacy is poised to lead the nation into a new era of diplomacy, reflecting readiness to contribute to global problem-solving.

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