Indonesia and Thailand aim to increase bilateral trade to US$20 billion by 2030, expanding cooperation in investment, food security, energy, digital economy and regional connectivity.
Indonesia and Thailand have decided to increase bilateral trade to $20 billion by 2030, showing their continued dedication to boosting their economic ties by building a strategic partnership. The two countries set the target following a meeting in Jakarta between Indonesian President Prabowo Subianto and Thai Prime Minister Anutin Charnvirakul. Both leaders outlined an action plan for enhancing cooperation in various fields.
It was noted that economic integration will depend on the increase in trade, investment and private sector participation. The need for creation of an enabling business environment as well as coordination among government departments, investment agencies and industrial players was underscored.
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Trade continues to be the bedrock of their bilateral relations, where both nations attempt to diversify their exports and supply chain. To achieve the trade goal that was set, the two nations have agreed to speed up the workings of the Joint Trade Commission, whose main objective is to minimize trade barriers and improve market access.
Cooperation in investments was another important part of the talks. Both countries committed to promoting increased cross-border investments in critical industries, such as manufacturing, infrastructure, food processing, and digital technology. Another area covered in the talks was the importance of improving cooperation between government agencies for investments and private businesses.
Both presidents have identified the following as the key priorities for future collaboration: food security, energy, the digital economy and innovation. The two agreed on the need to collaborate on projects that will enhance agriculture productivity, energy resilience and digital economy transformation.
Regional connectivity and cooperation were other important topics discussed in the meeting. The two countries, namely Indonesia and Thailand, reiterated their common resolve towards ASEAN economic integration and open regional trading system. They agreed to work together on regional projects for improving regional connectivity and economic growth in Southeast Asia.
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Discussions on cooperation in tourism, education and cultural exchanges were also touched upon, both presidents understanding the significance of more active contacts at the human level for the development of their bilateral relations. The possibilities of cooperation in new fields were discussed as well.
This summit is a testament to the rising trend in the relationship between Indonesia and Thailand, as both nations aspire to elevate their strategic partnership in order to build greater economic resilience amidst the changing global dynamics. The objective of achieving US$20 billion worth of trade between the two countries by 2030 will ensure that both nations continue to be among the major economies of Southeast Asia and contribute to ASEAN’s future success.