Thailand has extended an invitation to Hungary for increased investment and economic collaboration, as indicated by Deputy Prime Minister Phumtham Wechayachai.
This proposal was discussed during a recent meeting with Sandor Sipos, the Hungarian Ambassador to Thailand, with a focus on enhancing Thailand’s influence in various” soft power” sectors.
The engagement, which took place in the backdrop of the 50th anniversary of diplomatic ties between the two nations, centered on strengthening economic and commercial relations. The focus was on developing new sources of income, enhancing export opportunities, and improving business processes.
In the previous year, Hungary ranked as Thailand’s 11th largest business partner, with bilateral trade reaching $719.2 million. Thailand’s exports to Hungary primarily comprised automobiles and parts, computers, radio receiver parts, televisions, water taps, and printed circuit boards. In return, Thailand imported electrical and car parts, as well as scientific and medical equipment from Hungary.
Both parties also explored opportunities for expanding market presence in sectors related to “soft power,” such as Thai cuisine and fashion. The dialogue extended to potential support for small businesses and the importance of adapting trade practices to the global market dynamics.
Phumtham underscored the potential benefits of Hungarian investment in various Thai industries, aiming to deliver quality products to Hungarian markets. The industries identified for this collaboration include agriculture, food processing, automotive, pharmaceuticals, rubber production, construction materials, and eco-friendly products.
Hungary was also encouraged to consider investment possibilities in the Eastern Economic Corridor, a strategic economic development area in Thailand. (NNT)
