Thailand and Indonesia Strengthen Private Sector Ties with New Trade MOU
Key Takeaways
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BANGKOK, investortrust.id — The Board of Trade of Thailand and the Indonesian Chamber of Commerce and Industry (KADIN) have signed a Memorandum of Understanding (MOU) to deepen economic, trade, and investment cooperation between the two countries’ private sectors.
The signing took place during the Indonesia–Thailand CEO Forum, held as part of President Prabowo Subianto’s official visit to Thailand. The MOU was witnessed by Coordinating Minister for Economic Affairs Airlangga Hartarto, underscoring high-level political support for enhanced business engagement.
The Board of Trade of Thailand, one of the country’s most influential private sector organizations, brings together an extensive nationwide network and plays a key role in advancing Thai business competitiveness and global integration. KADIN, its Indonesian counterpart, actively shapes pro-business policies and promotes international partnerships to bolster Indonesia’s economic standing.
Photo: Coordinating Ministry for Economic Affairs
Four Pillars of Cooperation
The agreement outlines collaboration in four main areas:
1. trade, investment, and broader economic initiatives;
2. exchange of business, trade, and market intelligence;
3. co-hosting of trade fairs, business forums, and promotional events;
4. support for reciprocal visits and business delegations.
This strategic alliance is supported by the Thai Chamber of Commerce in Indonesia (ThaiCham Indonesia), established in July 2024 under the patronage of the Royal Thai Embassy. ThaiCham Indonesia connects Thai businesses operating in Indonesia with key government and private stakeholders, serving as a vital bridge for bilateral economic cooperation.
Economic Context and Strategic Value
Indonesia, ASEAN’s largest economy, is a critical partner for Thailand. In 2024, bilateral trade reached THB 643.9 billion (approximately $18.2 billion), a 1.19% increase from the previous year. Both nations are positioning themselves as regional production hubs and export gateways, with strong potential in agri-food, renewable energy, automotive, tourism, healthcare, and the digital economy.
The MOU is expected to accelerate private sector engagement, expand cross-border trade, and lay the groundwork for sustainable economic development across Southeast Asia.
CEO Forum Highlights
Mr. Sanan Angubolkul, Senior Chairman of the Board of Trade of Thailand, joined the Indonesia–Thailand CEO Forum — a joint initiative with KADIN and supported by Bangkok Bank — which convened senior executives and policy leaders to advance cooperation in: financial services, energy, agriculture and food, and trade and business.
In his keynote speech, Minister Airlangga Hartarto emphasized the role of private sector collaboration in driving ASEAN’s economic integration and resilience. Participants included top-tier companies such as Bangkok Bank, SCG, Banpu, Mitr Phol, PTTEP, B.Grimm, Indorama, Minor Group, Kasikornbank, and PT Permata Bank Tbk.
The forum served as a high-level platform for exchanging strategic insights and launching new business partnerships aimed at boosting energy security, food resilience, and financial stability in the region.
A Shared ASEAN Vision
This renewed Thai–Indonesian partnership reflects ASEAN’s broader ambition to position the private sector at the heart of regional growth. As global economic and geopolitical challenges intensify, the MOU affirms both countries’ commitment to building resilience, seizing new opportunities, and securing long-term prosperity.