Thailand has invited Hungary to invest in the kingdom to expand its “soft power”.
Deputy Prime Minister Phumtham Wechayachai said on Saturday that he spoke recently to Sandor Sipos, Ambassador of Hungary to Thailand, on soft power expansion opportunities in Thailand.
As 2024 marks the 50th year of the diplomatic relationship between both countries, Mr Sipos handed out an anniversary commemorative medal to Mr Phumtham, who doubles as Thai commerce minister, during the discussion.
After the talks, Mr Phumtham said both sides were focused on economic and commercial cooperation, including income-making opportunities, export promotion and business encouragement.
With a market value of $719.20 million, Hungary was the 11th top business partner for Thailand from January to November last year.
Thailand exported cars and car parts, computers, radio receiver parts, televisions, water taps and printed circuit boards to Hungary while importing electric mechanisms, car parts, scientific equipment and medical equipment.
Both sides also discussed a “soft power” market expansion.
According to Mr Phumtham, Hungary is looking to expand the promotion of Thai delicacies and fashion.
The discussion also focused on business opportunities for small business providers as well as training for trading in an evolving world.
Mr Phumtham said he discussed an opportunity to encourage Hungarians to invest in Thailand’s many industries to provide good-quality products to Hungarian customers.
Thai-made products proposed in the discussion include agricultural goods, processed food, car parts, medicines, rubber products, high-quality construction materials and eco-friendly products.
Mr Phumtham said he invited Hungary to look for investment opportunities in Thailand, especially in the Eastern Economic Corridor as they deepen their ties.