Chile aims to expand its relationships

Thailand and Chile are set to deepen their economic partnership as they gather for the 1st Chile-ASEAN Business Summit. Organized by ProChile, an agency under Chile's Ministry of Foreign Affairs, the event will take place in Indonesia from September 8-9 and in Bangkok from September 10-12.

The summit aims to strengthen economic ties and promote new business opportunities across the ASEAN region. Thailand's partnership with Chile presents a unique opportunity for adding value by processing Chilean raw materials and exporting finished goods back to Chile. This partnership could build a two-way bridge for trade instead of just one way.

Chile is interested in diversifying trade and broadening the scope of investment with Thailand. The Free Trade Agreement (FTA) between Chile and Thailand, which celebrates its 10th anniversary during the Bangkok leg of the event, has already facilitated greater market access and bilateral trade between the two countries. Chile's main exports to Thailand include grapes, cherries, kiwis, blueberries, and apples. There is potential to expand Chilean exports to Thailand to include beef, pork, poultry, and processed foods.

Approximately 20 Chilean companies will participate in the summit to explore partnerships, particularly in sectors like agrifood, seafood, services, and the creative industries. Chile is also exploring opportunities in emerging industries, with about three to four Chilean startups expected to pursue cooperation in Singapore and Thailand. The growth in interest in technology-driven ventures is reflected in the number of Chilean startups looking to cooperate in Singapore and Thailand.

Demand in Chile is increasing for Asian products and cultural exports, including Thai culture. There is a growing fascination with Asian cultures, such as those from Japan, Korea, and China, in Chile. This presents an opportunity for Thai businesses to expand their presence in the Chilean market.

Mr. Arriagada, a representative from Chile, emphasized that the FTA creates opportunities for collaborations between the two countries. The FTA undergoes regular reviews to ensure it remains beneficial for both parties and continues to facilitate growth in bilateral trade and investment cooperation between Chile and Thailand, as well as the ASEAN region.

The Chile-ASEAN Business Summit is an exciting step towards strengthening economic ties between Chile and the ASEAN region. With the potential for increased trade, cultural exchange, and technological collaboration, the future looks bright for this growing partnership.