14-1-2024 (BANGKOK) In a bid to bolster its “soft power,” Thailand has extended an invitation to Hungary for increased investment opportunities within the kingdom. Deputy Prime Minister Phumtham Wechayachai revealed on Saturday that he had recently engaged in discussions with Sandor Sipos, Hungary’s Ambassador to Thailand, exploring avenues for soft power expansion.
As the diplomatic relationship between the two countries reaches its 50th year in 2024, Ambassador Sipos presented a commemorative medal to Mr. Phumtham during the talks, emphasizing the longstanding ties between Hungary and Thailand.
The discussions primarily centered on economic and commercial cooperation, including income-generation prospects, export promotion, and business encouragement. Hungary emerged as Thailand’s 11th top business partner, with a market value of $719.20 million from January to November last year.
Thailand exported various products to Hungary, including cars, car parts, computers, radio receiver parts, televisions, water taps, and printed circuit boards. Meanwhile, imports from Hungary included electric mechanisms, car parts, scientific equipment, and medical equipment.
A notable aspect of the discussions focused on the “soft power” market expansion, with Hungary expressing interest in promoting Thai delicacies and fashion. The talks also delved into business opportunities for small enterprises and training programs to navigate the evolving global trade landscape.
Mr. Phumtham emphasized the potential for Hungarian investment in Thailand, particularly in the Eastern Economic Corridor, as both countries deepen their ties. The discussion outlined opportunities for Hungary to invest in various Thai industries, offering high-quality products to Hungarian consumers.
The proposed Thai-made products encompass agricultural goods, processed food, car parts, medicines, rubber products, high-quality construction materials, and eco-friendly products. Mr. Phumtham’s invitation aims to foster increased collaboration, economic synergy, and cultural exchange between Thailand and Hungary as they explore new horizons in their bilateral relationship.
