Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Thailand is holding talks with Germany to strengthen bilateral economic and trade cooperation and expedite Thailand-EU free trade agreement (FTA) negotiations.
Following discussions with Nicole Hoffmeister-Kraut, minister of economic affairs, labour and tourism of the state of Baden-Württemberg, held at the Commerce Ministry on Friday, Commerce Minister Pichai Naripthaphan said the two countries had agreed to strengthen economic and trade cooperation, particularly in high-tech industries, including digital innovation and artificial intelligence, areas in which Germany possesses expertise and is interested in expanding in terms of the manufacturing base.
In terms of both GDP and population size, Baden-Württemberg is the third largest of Germany’s 16 states, with trade with Thailand accounting for 20% of the total trade value between Thailand and Germany.
Major exports of Baden-Württemberg include cars and car parts, automatic data processing machinery and parts, and electrical equipment.
The two leaders discussed ways to strengthen cooperation in clean energy and green transition, the electric vehicle and battery industries, mechanical engineering, data centres, electrical circuits and soft power in the food and tourism sector, along with exchanges of business delegations to participate in reciprocal trade promotion activities.
Baden-Württemberg hosts the headquarters of world-renowned companies which have invested in high-tech industries in Thailand, including Daimler Mercedes Benz (car and car parts), Robert Bosch (intelligent transportation systems, electrical equipment and household appliances), Festo (industrial automation systems such as automotive equipment and semiconductors), SAP SE (enterprise software solutions) and Carl Zeiss (lenses, optical devices and MedTech).
Mr Pichai requested Germany help persuade the EU to conclude negotiations for the Thailand-EU FTA.
Both sides agreed that the pact would foster trade and investment opportunities between Thailand and the EU on a long-term basis.
In light of Germany’s successful model in developing Industry 4.0, Mr Pichai also invited investors from Baden-Württemberg to invest in Thailand.
In 2023, Germany was Thailand’s largest trading partner in Europe. Trade between Thailand and Germany was worth US$10.7 billion. Exports to Germany were worth $4.56 billion, while imports from Germany were worth $6.18 billion.
Key exports include electrical circuits, gems and jewellery, computer, equipment and parts, cars and car parts, and machinery and components.
Key imports include machinery and components, electrical machinery and parts, medical and pharmaceutical products, chemicals, and medical science equipment.