Foreign Ministry to increase focus on economic diplomacy - Sihasak

The Foreign Ministry is intensifying its focus on economic diplomacy to navigate an increasingly fragmented world, according to Foreign Minister Sihasak Phuangketkeow.

In his first public address as an elected party-list lawmaker of the Bhumjaithai Party, Sihasak recently linked foreign policy directly to jobs, income, and long-term competitiveness.

He pointed out that the country’s economic diplomacy is entering a new phase due to uncertainty and what policymakers refer to as “re-globalization.”

After the Bhumjaithai Party won a landslide in the February 8 general election, Sihasak joined the party’s 194 parliamentary seats. In his speech, he reiterated that diplomacy must now deliver tangible economic results for the people.

Given the current geopolitical rivalry, rapid technological change, and supply chain disruptions, Thailand must catch up, build confidence, secure future industries, and expand cooperation beyond traditional partners. He outlined three pillars of economic diplomacy.

The first pillar is building international confidence. Investors today look for clear rules, steady policies, and predictable direction.

Currently, Thailand is working to improve trade facilitation and align its policies with global standards, including sustainability and human rights principles reflected in ESG practices.

This shift indicates that competitiveness now depends on credibility as well as economic factors.

Globally, Thailand supports a stronger rules-based system and the reform of international institutions so they can address modern challenges.

He announced that Thailand will host the annual meetings of the International Monetary Fund and the World Bank Group later this year.

The second pillar is strengthening supply chains and future industries. Sihasak stated that Thailand aims to remain a reliable coordinating partner in evolving supply chains.

Under economic diplomacy, embassies and consulates worldwide must now play a stronger economic role.

He added that Thailand is also investing in future industries such as the digital economy, aviation and logistics, medical and wellness services, biotechnology, and robotics. Skills and human capital must be further developed.

The third pillar is multilateral networking. Sihasak highlighted a warning from the UN Conference on Trade and Development that a divided world carries real economic costs and that no country can manage global risks alone.

He added that Thailand is expanding ties with South Asia, the Middle East, Africa, and Latin America, including through the Thailand-Africa Initiative.

This broader outreach provides Thailand with more flexibility amid great-power rivalry. At the same time, Thailand continues to engage through established platforms such as APEC and the G20.

Furthermore, he stressed interagency coherence: external engagement, trade policy, and economic vision must move in the same direction.

“Diplomacy opens doors and trade policy creates opportunities. Together, they translate national strategy into real economic outcomes,” he concluded.