Thailand courts Hungary for investment to boost global influence

Hungary has been courted by Thailand for potential investment opportunities in a bid to broaden the Southeast Asian nation’s global influence or soft power. This strategic call for investment was made by the Deputy Prime Minister of Thailand, Phumtham Wechayachai, in a recent conversation with Sandor Sipos, the Hungarian Ambassador to Thailand.

The dialogue, which took place yesterday, comes ahead of the upcoming 50th anniversary of the diplomatic relationship between the two countries in 2024. In recognition of this milestone, Sipos presented Phumtham with a commemorative medal. Phumtham, who also holds the position of Thailand’s commerce minister, stated that the key focus of their talks was on economic and commercial cooperation, with particular attention paid to opportunities for income generation, export promotion, and business growth.

Hungary, with a market value of US$719.20 million, was Thailand’s eleventh-biggest trading partner from January to November of the previous year. Thailand’s main exports to Hungary include automobiles and their parts, computers, radio receiver components, televisions, water taps, and printed circuit boards, while it imports electrical systems, car parts, scientific equipment, and medical supplies from the European country, reported Bangkok Post.

The expansion of the soft power market was also a significant topic of discussion. Phumtham revealed that Hungary is interested in boosting the promotion of Thai food and fashion. They also explored business possibilities for small-scale providers and training for trading in a rapidly evolving global market landscape.

Phumtham said that he had proposed an opportunity to inspire Hungarian investment in a multitude of Thai industries, to supply Hungarian consumers with high-quality products. Some of the Thai-made goods proposed during the discussion were agricultural products, processed food, automobile parts, pharmaceuticals, rubber items, superior construction materials, and eco-friendly products.

The Thai Deputy Prime Minister also extended an invitation to Hungary to explore investment opportunities in Thailand, specifically within the Eastern Economic Corridor, as a means to further strengthen their bilateral ties.