Thailand and Australia: New paths for trade and green technologies!

Thailand and Australia: New paths for trade and green technologies!

A few days ago, on Saturday, Thailand's Trade Minister Suphajee Suthumpun held meaningful talks with Australian Capital Territory (ACT) Chief Minister Andrew Barr in Bangkok. The aim of these meetings was to strengthen bilateral trade and investment between Thailand and Australia. Minister Suphajee received the Australian delegation, which was accompanied by senior officials from the Ministry of Commerce. The economic potential of both nations and ways to improve networking between the private sectors were discussed. Aspects such as education, health, tourism, culture and, last but not least, sustainable development were also discussed. The focus was particularly on green technologies and innovations, a strategy that both countries are pursuing together.

How Nation of Thailand reports, the ACT plans to take a leading role in green technologies, which aligns well with Thailand's drive to advance in agricultural technology and precision agriculture. Minister Suphajee also noted Australia's commitment to the Southeast Asia Investment Strategy to 2040, which sheds positive light on the prospects for strengthening bilateral business ties.

Common paths in the green economy

A central point of the latest cooperation is the upcoming investments in the green economy. Australia plans to attract foreign investment for large-scale integrated housing projects while continuing to expand its innovation and start-up ecosystem in Canberra through networks and incubators. Attending the recently held Sustainability Expo 2024, delegations from Australia led by Ambassador Dr. Angela Macdonald, is moving forward with her plans to link up with Thai companies and institutions Austrade reported.

Another important part of the delegation trip was participation in several networking events and meetings that brought together over 120 business partners from Thailand and Australia to discuss synergies in areas such as agtech and smart cities. The delegation also visited major projects in the green economy, including the major urban development project One Bangkok and the food innovation center Food Innopolis.

Digitalization and economic recovery in Thailand

Thailand's economic recovery is being boosted not least by digitalization and the use of new technologies. By establishing a Ministry of Digital Economy, the Thai government is actively promoting digital transformation and investing not only in infrastructure projects but also in new technologies. Experts expect economic growth of 2.3% to 2.8% for 2024. Thailand's telecommunications sector has already made impressive progress, particularly with the rollout of 5G networks, which is expected to boost service revenue to around €32 billion in 2025.

The digital transition offers Thailand the opportunity to strengthen its competitive position in Southeast Asia and potentially generate more than 30% of gross domestic product (GDP) from the digital economy by 2027. Innovative approaches such as eSIM technology also play a major role, which could enable seamless connections, which is crucial for both rural and urban areas. Nevertheless, there are challenges, such as the lack of IT specialists, which could significantly slow down digital transformation.

However, the HACKaTHAILAND program and the support of the Digital Economy Promotion Agency (depa) counteract a possible shortage of skilled workers. The agricultural sector is currently showing great progress in smart farming and precision farming, with pilot projects already underway in several regions. Such developments could not only make food production more efficient, but also improve the living conditions of Thai small farmers.

With these numerous initiatives, Thailand and Australia are not only focusing on sustainable economic development, but also on modern technologies that will serve as engines for the future. Both countries have the potential to act as pioneers in the digital and green economy and thus provide future-oriented impulses for the entire region.