On May 27, 2024, H.E. Mr. Russ Jalichandra, Representative of the Ministry of Foreign Affairs of Thailand, delivered the opening remarks for the Fourth Thailand-Latin America and the Caribbean Seminar entitled "Flavours of Opportunities: Nourishing Trade and Investment between Thailand and Latin America." The event was organized by the Department of American and South Pacific Affairs, Ministry of Foreign Affairs, in collaboration with the embassies of nine Latin American and Caribbean countries in Thailand, namely, Argentina, Brazil, Chile, Colombia, Cuba, Guatemala, Mexico, Panama, and Peru, at the Pullman Bangkok King Power.

The seminar was aimed at promoting the dynamism of trade and investment activities between Thailand and the Latin American and Caribbean region, in line with the Ministry of Foreign Affairs' proactive economic diplomacy, which seeks to explore high-potential markets for Thai products and open doors for trade and investment opportunities, fostering sustainable economic growth for Thailand. Coinciding with the THAIFEX-Anuga Asia 2024 trade show, the seminar focused on targeted products in the food and agricultural industries, which are areas of high potential for both Thailand and Latin America.

In his opening remarks, H.E. Mr. Russ Jalichandra highlighted the economic potential of Latin America, with its 665 million consumers possessing substantial purchasing power. This year, the region is expected to achieve an economic growth rate of 2.4%, providing opportunities for Thai entrepreneurs to expand their food and agricultural product markets. He also reiterated the importance of Latin America to Thailand as both an export and import market, with existing economic mechanisms facilitating business operations and enhancing the competitiveness of Thai products, concrete examples of which are the Thailand-Chile and Thailand-Peru Free Trade Agreements.

Representatives from Latin American and Caribbean embassies provided overviews of the economic policies in their countries and expanded on business opportunities, particularly in the food and agricultural sectors. They also stressed on the privileges available to Thai entrepreneurs interested in doing business with Latin America. At the seminar, Argentina emphasized its role as a leading producer and exporter of various agricultural products, including soybeans, grains, beef, and wine. The current economic openness has made trade and investment atmosphere in Argentina become more attractive. Chile valued the existing Free Trade Agreement (FTA) with Thailand and underscored the role of ProChile as a facilitating agency for trade and investment between Thai and Chilean businesses. Peru focused on food security and sustainable agricultural practices, highlighting the Superfood as the country’s main export product. Panama pointed out its geographical advantages and continuous infrastructure development as key factors, making the Panama Canal an important logistics hub connecting 1,920 ports around the world. Colombia, one of the world’s largest producers and exporters of coffee beans, highlighted its large labor force, which increases opportunities in high value-added manufacturing, renewable energy, and knowledge-based industries like software and Fin Tech. Cuba emphasized the importance of investments in the country’s Mariel Special Economic Zone and its potential in pharmaceutical and chemical products, including cancer and COVID-19 vaccines. Guatemala, the largest economy in Central America, thrives on its tourism, agriculture, and textile sectors. It is also a leading exporter of diverse coffee varieties that attract coffee lovers worldwide. Mexico promoted its role as a leading producer and exporter of food and beverage products, such as avocados and alcoholic beverages. This is supported by infrastructure that facilitates trade and investments, along with active FTA negotiations. Brazil prioritized investments in research and development in the agricultural sector, which has significantly increased productivity. This has made Brazil a major exporter of products such as sugar, coffee, and soybeans. Brazil also highlighted its potential as a complementary trade partner with Thailand, offering raw material products at competitive prices.

In addition to the discussion session, there is a Mini Business Fair in which 15 booths showcased their products, representing the GRULAC Embassies in Bangkok as well as the Thai and Latin America private sector. Furthermore, a Business Networking Luncheon provided the opportunity for the GRULAC Embassy representatives, Thai private sector, and entrepreneurs from both Thailand and Latin America to exchange information and interests as well as strengthen ties with a view to further conduct business with each other.

The Fourth Thailand-Latin America Seminar is in line with the Ministry of Foreign Affairs’ proactive economic diplomacy, aiming to open the high potential markets for Thai products. As in the case of Latin America and the Caribbean, in 2023, the trade volume between Thailand and the region registered at 17,195 million US Dollars, an increase of 3% from the previous year. Both parties still have more potential to enhance trade and investment between each other. The event was attended, onsite and via the Facebook Live of the Ministry of Foreign Affairs, by approximately 200 participants, including representatives of the public and private sectors, international organizations, academics, students, and the media.