PTT Plc, the national oil and gas conglomerate, has entered into a joint venture agreement with Mitsui & Co (Thailand) to cooperate on robotics and artificial intelligence business operations.
The deal is meant to accelerate economic growth and social advancement in line with the Thailand 4.0 initiative.
This joint investment focuses on creating a value-based economy, driven by innovation, digital systems and high-tech automation in the industrial sector.
Wittawat Svasti-xuto, PTT's chief technology and engineering officer, said this cooperation serves as a good starting point to drive the country towards an innovation-based economy.
"It also helps advance the digital ecosystem, enhance business competitiveness and link the Thai industrial sector to the world stage," he said.
"This is a significant milestone for PTT's new business investment strategy to foster sustainable growth and address the changing era of digital transformation."
Mr Wittawat said the expertise of the parties will promote the use of robot technology, automation and intelligent solutions in the industrial sector.
In the initial phase, PTT and Mitsui & Co should focus on developing a system integrator capability to help local players and potential customers to create added value throughout the business chain by using technology and digital expertise as the basis.
Mitsui & Co is Japan's oldest global trading and investment company. Mitsui & Co (Thailand) is its affiliate company with a longstanding presence in Thailand.
Since the 1950s, Mitsui & Co has built a diverse portfolio of businesses in Thailand covering oil and gas, steel, infrastructure, machinery, vehicles, chemicals, food and ICT.