India, Thailand Strengthen Ties in Advanced Tech and Innovation

India and Thailand have fostered a mutual understanding to enhance their cooperation in various advanced technology areas. The two countries aim to broaden collaborative initiatives in fields like digital technology, electric transport, robotics, space research, biotechnology, along with business ventures and startups. In addition to upgrading infrastructure connections, they are also focusing on advancing financial technologies and improving digital networks to strengthen economic and technological relationships.

Acknowledging the robust base of their ongoing collaboration and the substantial prospects for enhanced engagement—not just on a bilateral and regional level but also within the wider global context influenced by changing geopolitical dynamics—the leaders of India and Thailand have chosen to elevate their bilateral trade relationship to the status of a “Strategic Partnership.” This choice signifies a crucial advancement, leading to a new phase of enhanced collaboration focused on realizing the complete range of opportunities between the two countries.

Indian Prime Minister Narendra Modi traveled to Thailand at the request of his Thai counterpart, Paetongtarn Shinawatra. While visiting, Modi initiated several agreements with Thailand in multiple sectors, representing progress in joint initiatives. One of the agreements 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) regarding “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 chosen to develop new sectors for trade and investment, particularly in forward-looking industries like renewable energy, electric vehicles, digital technology, robotics, information and communication technology (ICT), space technology, biotechnology, the creative industry, and startups.

Thailand and India have pledged to improve trade facilitation and bolster cooperation under the existing agreements, which comprise the Framework Agreement on the Creation of a Comprehensive Free Trade Area between both countries and the ASEAN-India Trade in Goods Agreement (AITIGA). Additionally, the two nations have consented to hasten bilateral trade by examining the feasibility of establishing a local currency settlement system, according to the joint statement.

The two leaders reached an agreement to strengthen cooperation between the departments overseeing science and technology to address new challenges and create fresh opportunities. They also concurred to investigate suitable methods to encourage interactions among entrepreneurs, small and medium enterprises (SMEs), and startups.

Two leaders highlighted the importance of further improving sustainable trade and realizing its complete potential by expanding economic ties in promising areas. Main areas of emphasis will encompass value-added marine goods, smartphones, electric cars, food processing, petroleum items, automotive parts, services, and pharmaceuticals.