Enhancing Relationships: Experts Suggest Thailand and Indonesia could boost regional development and harmony
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Economic Cooperation: Thailand and Indonesia's Path to Prosperity
In the face of global economic uncertainties, Thailand and Indonesia are looking to join forces to boost prosperity for both nations. This collaboration was discussed during a recently held executive forum in Bangkok.
The forum, co-hosted by the Sasin School of Management and the Indonesia-Thai Chamber of Commerce, took place at TK Hall, Sasin School of Management, in Bangkok's Pathumwan district.
As the world transitions towards smarter and more sustainable practices, Ian Fenwick, director of Sasin, highlighted the importance of strengthening economic ties and facilitating cross-border business within the ASEAN region. He believes this forum offers an opportunity for business leaders from various industries in Thailand and Indonesia to discuss market trends, explore opportunities, and navigate challenges in business operations.
Rachmat Budiman, the Indonesian Ambassador to Thailand, highlighted the long-standing relationship between Thailand and Indonesia, which dates back to the establishment of diplomatic ties in 1950. He pointed out the potential for further strengthening business relations following a recent meeting between Indonesian President Prabowo Subianto and Thai Prime Minister Paetongtarn Shinawatra in Bangkok.
Given the dynamic global economic landscape, marked by realignments, energy transitions, and digital transformations, Budiman stressed the importance of close cooperation between Thailand and Indonesia in politics, economy, trade, investment, tourism, and technology. He noted that while global economic competition is inevitable, it also presents an opportunity for both countries to learn from each other, grow stronger, and help their companies in a peaceful, challenging manner.
Thanita Sirisup, an investment adviser at Thailand's Board of Investment (BOI), celebrated the opportunity to explore new avenues for business and leadership between Thailand and Indonesia. She emphasized their relationship's strong foundation built on mutual respect, economic partnership, cultural exchange, and people-to-people ties. Sirisup revealed that the BOI is promoting two-way investment, focusing on attracting foreign investment into Thailand and encouraging Thai investors to invest in Indonesia.
According to the Department of International Trade Promotion (DITP), Indonesia was Thailand's 10th largest export market in 2023, with trade valued at US$18.39 billion. Top export products from Thailand included automobiles and parts, sugar, plastic pellets, rice, and machinery and parts. The top five imports to Thailand from Indonesia were crude oil, coal, machinery and parts, automotive components and accessories, and passenger vehicles.
- TAGS
- Thailand
- Indonesia
- Collaboration
- Prosperity
- Economy
- Economic ties
- Sasin
Enrichment Insights
The strategic partnership between Thailand and Indonesia, established in 2025, focuses on upgrading their relationship to a strategic partnership to boost economic ties and promote regional cohesion within ASEAN. Key strategies for economic cooperation include strengthening trade and investment, boosting cross-border business, and strengthening ASEAN economic integration.
Opportunities for collaboration include sectoral expansion, such as the defense industry, food and health security, and combatting transnational crime, as well as economic growth and innovation through cross-border digital trade and innovation partnerships. This collaboration aims to create a robust framework for deepening economic cooperation, enhancing cross-border business, and strengthening ASEAN’s economic integration and resilience.
- The discussions at the executive forum in Bangkok highlighted the importance of strengthening economic ties between Thailand and Indonesia, especially in the context of the ASEAN region.
- Rachmat Budiman, the Indonesian Ambassador to Thailand, underscored the need for close cooperation between the two countries in various sectors, including politics, economy, trade, investment, tourism, and technology.
- Thanita Sirisup, an investment adviser at Thailand's Board of Investment (BOI), emphasized that the collaboration between Thailand and Indonesia should also focus on attracting two-way investment and encouraging investors from both countries.
- In the global business landscape, Ian Fenwick, director of Sasin, believes that forums like the one held in Bangkok offer a platform for leaders from various industries to discuss market trends, explore opportunities, and navigate challenges in business operations.
- As Thailand's 10th largest export market in 2023, Indonesia presents significant opportunities for business and investment, with top export products from Thailand including automobiles and parts, sugar, plastic pellets, rice, and machinery and parts.
