India and Thailand have reached a mutual understanding to deepen their collaboration across several advanced technology sectors. The two nations plan to expand joint efforts in areas such as digital innovation, electric mobility, robotics, space exploration, biotechnology, as well as entrepreneurial ventures and startups. Beyond improving infrastructure links, they are also prioritizing the development of financial technologies and enhancing digital networks to foster stronger economic and technological ties.
Recognizing both the strong foundation of their current collaboration and the significant opportunities for deeper engagement—not only on a bilateral and regional scale but also within the broader global landscape shaped by shifting geopolitical dynamics—the leaders of India and Thailand have decided to advance their bilateral trade relationship to the level of a “Strategic Partnership.” This decision represents a pivotal step forward, ushering in a new era of intensified cooperation aimed at unlocking the full spectrum of possibilities between the two nations.
Indian Prime Minister Narendra Modi visited Thailand on the invitation of his Thai counterpart, Paetongtarn Shinawatra. During his visit, Modi signed a number of agreements with Thailand across various sectors, marking a step forward in collaborative efforts. One of them was a Memorandum of Understanding (MoU) between the Thai Ministry of Digital Economy and Society and India’s Ministry of Electronics and Information Technology (MeitY) on “Cooperation in the field of Digital Technologies.”
“We have decided to strengthen cooperation in renewable energy, digital technology, e-vehicles, robotics, space, bio-technology and start-ups. In addition to enhancing physical connectivity, both the countries will work to boost FinTech connectivity,” Modi said during a joint press statement.
India and Thailand have decided to prepare new areas of trade and investment, especially in future-oriented industries, such as renewable energy, electric vehicles, digital technology, robotics, information and communication technology (ICT), space technology, biotechnology, creative industry, and startups.
Recognizing the profound historical connections rooted in shared civilization, culture, religion, and language—as well as 78 years of diplomatic relations—India and Thailand reaffirmed their strong bilateral ties during high-level talks between the two leaders. The discussions spanned a broad spectrum of cooperation, including defense and security, trade and investment, connectivity, science and technology, innovation, space exploration, education, healthcare, cultural exchange, tourism, and people-to-people interactions. The two sides also shared perspectives on key issues at the sub-regional, regional, and global levels. Additionally, both leaders welcomed the launch of an India-Thailand Consular Dialogue as a new platform for enhancing mutual engagement.
“Thailand holds a special place in India’s ‘Act East’ Policy and the Indo-Pacific vision. Today, we have decided to strengthen our ties into a strategic partnership. Also, we discussed establishing a ‘Strategic Dialogue’ between our security agencies,” Modi said.
Thailand and India have committed to enhancing trade facilitation and strengthening cooperation within the framework of existing agreements, including the Framework Agreement on the Establishment of a Comprehensive Free Trade Area between the two nations, as well as the ASEAN-India Trade in Goods Agreement (AITIGA). Furthermore, both countries have agreed to accelerate bilateral trade by exploring the possibility of implementing a local currency-based settlement system, the joint statement said.
“ASEAN is the comprehensive strategic partner of India, and in this region, as neighbouring maritime countries, we have shared interests in regional peace, stability, and prosperity. India firmly supports ASEAN unity and ASEAN centrality. In the Indo-Pacific region, both countries advocate a free, open, inclusive and rule-based order. We believe in development and not expansionism. We welcome Thailand’s decision to co-lead the ‘Maritime Ecology’ Pillar of the ‘Indo-Pacific Oceans’ Initiative,” Modi stated.
The two leaders agreed to enhance collaboration between the ministries responsible for science and technology in order to tackle emerging challenges and unlock new opportunities. They emphasized the importance of fostering greater exchanges and closer cooperation in science and technology through initiatives like joint research projects, workshops, and collaborative efforts in key sectors such as agriculture, biotechnology, ICT, and space technology.
Both countries also agreed to promote closer collaboration between the financial service providers in India and Thailand to facilitate trade, investment, and cross-border payments to strengthen economic and financial linkages between the two countries.
The two leaders agreed to explore appropriate mechanisms to promote exchanges between entrepreneurs, small and medium enterprises (SMEs), and startups. Keeping in mind the common strategic goals of capacity building and increased market access for India and Thailand startup ecosystems, both sides agreed to conduct startup related activities, including mentorship programs and expert sessions on sectors of mutual importance, focused investor pitching, business matchmaking with corporates and business associations, innovation challenges, integration of academic institutes in both countries and supporting cross-incubation models.
In a bid to expand and strengthen the ties between India and Thailand, the two leaders expressed their satisfaction with the growing bilateral trade, which reached around $15 billion in 2023-2024. They emphasized the need to further enhance sustainable trade and unlock its full potential by broadening economic connections in promising sectors. Key areas of focus will include value-added marine products, smartphones, electric vehicles, food processing, petroleum products, auto components, services, and pharmaceuticals.
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Source: https://coingeek.com/india-deepens-ties-with-thailand-on-innovation-trade/