Italian-Thai Business Forum Marks 10 Years Uniting Global Business Leaders to Drive Thailand-Italy Economic Cooperation and Trade-Investment Opportunities

On the occasion of the 10th anniversary of the Italian-Thai Business Forum (ITBF), a platform dedicated to dialogue, exchange of perspectives, and the promotion of bilateral economic relations between leading Thai and Italian business communities, the Forum was recently held at Park Hyatt Bangkok. The event was jointly organised by the Thai Chamber of Commerce, the Italian-Thai Chamber of Commerce, and the Embassies of both countries. The Forum aims to enhance trade and investment potential between Thailand and Italy, while strengthening cooperation networks across targeted industries in a sustainable manner.

The 10th ITBF brought together senior executives and leading business representatives from a total of 29 companies—19 from Thailand and 10 from Italy—covering key industries including automotive, banking, infrastructure and transportation, food, insurance, furniture, lifestyle, oil and gas, renewable energy, machinery, sugar, retail, rubber, petrochemicals, and tourism. The Forum also welcomed participation from relevant government agencies, which shared perspectives on economic trends and investment opportunities.

The meeting was honoured by the presence of key figures actively involved in advancing bilateral trade and investment, including H.E. Mr. Phutthaporn Ewtoksan, Ambassador Extraordinary and Plenipotentiary of the Kingdom; H.E. Mr. Paolo Dionisi, Ambassador of Italy to Thailand; Ms. Busaba Chirathivat, Advisor to Central Group and Thai Co-Chair of ITBF; Mr. Isara Vongkusolkit, Honorary Chairman of Mitr Phol Group; Mr. Davide Cavagna, Chief Executive Officer of Cavagna Group, an Italian manufacturer of gas control equipment and components; and Mr. Jiraphant Asvatanakul, President and Chief Executive Officer of Thaivivat Insurance Public Company Limited and Vice Chairman of the Thai Chamber of Commerce, among others.

One of the key highlights of the Forum was the keynote address by Dr. Supavud Saicheua, Chairman of The National Economic and Social Development Council, under the topic "Thailand Outlook 2025 and Future Business Opportunities in Thailand." He stated that Thailand's economy continues to recover at a fragile pace, with GDP growth projected at approximately 2.2%, amid pressures from high household debt—currently around 87% of GDP—political uncertainty, and structural constraints in manufacturing, education, and agriculture. However, the economic outlook for 2026 is expected to improve, supported by increased public investment, private consumption, and the recovery of tourism revenue, particularly from high-quality long-haul travellers. He also emphasised the need for Thailand to accelerate its energy transition from natural gas towards renewable energy, especially solar power.

This was followed by a panel discussion titled "The Next Investment Wave," featuring executives from leading organisations, including Mr. Bunn Kasemsup, Co-Chief Executive Officer of SCGJWD Logistics Public Company Limited; Mr. Thiwa York, Chief Executive Officer of Kaidee, Thailand's leading online marketplace; and Mr. Att Thongtang, Chief Executive Officer of Phyathai Hospital Group and Paolo Hospital Group (G5 BDMS). The discussion was moderated by Mr. Kasemsit Pathomsak, Executive Chairman of Merchant Partners Asset Management.

The panel discussion highlighted that a new wave of investment is emerging across multiple industries under the context of the "4Ds"—Deglobalization, Decarbonization, Digitalization, and Demographics. Examples include the healthcare and wellness sector, which is shifting towards preventive and proactive care alongside the growth of telemedicine, as well as the logistics sector, which is accelerating efficiency improvements by transitioning from a "Just-in-Time" model to a "Just-in-Case" approach to ensure higher inventory buffers for managing uncertainty. The adoption of AI and automation was also highlighted as a key enabler for positioning Thailand as a logistics hub in ASEAN.

In addition, Mr. Giulio Pesenti, Head of Strategic Business of Clessidra Group delivered a presentation titled "Accessing Opportunities in Italy," offering an overview of Italy's export-driven economy, with manufacturing accounting for approximately 15% of GDP—the second highest share in Europe. Despite a business structure dominated by SMEs, Italy remains a highly attractive investment destination, particularly at a time when more than 35% of companies are undergoing generational transitions, creating opportunities for restructuring and digital transformation. Italy's strengths in advanced machinery, food and agri-technology, and luxury supply chains—together with a strong emphasis on ESG—were highlighted as drivers of sustainable and long-term investment returns.

At the closing session, Ms. Busaba Chirathivat, Advisor to Central Group and Thai Co-Chair of ITBF, delivered the closing remarks and congratulated the newly appointed Co-Chairs, stating: "The Italian-Thai Business Forum reflects the strong and enduring partnership between Thailand and Italy over the past decade. This platform has evolved into a key space for building new partnerships, strengthening business collaboration, and carrying forward the long-standing friendship between our two countries. I would like to extend my sincere appreciation to Mr. Carlo Pesenti, Italian Co-Chair, for his continued support, and to pass on the role of Co-Chair to the new leaders who will drive ITBF forward with broader perspectives—Mr. Davide Cavagna as Italian Co-Chair and Mr. Jiraphant Asvatanakul as Thai Co-Chair. I am confident that under their leadership, ITBF will continue to grow and generate valuable cooperation and new opportunities for Thai-Italian businesses in a sustainable manner."

Several notable achievements over the past decade arising from Thai-Italian cooperation under the ITBF framework include:

In agriculture, Mitr Phol Group partnered with CNH Industrial to import advanced sugarcane harvesting machinery to enhance agricultural efficiency in Thailand, as well as to establish an "Agricultural Machinery Technology Centre" at Khon Kaen College of Industrial and Agricultural Technology, providing both theoretical and practical training.

In the food industry, initiatives include the export of Italian beef from Cremonini Group to Thailand; collaborations between Dusit Thani College and Italy's leading culinary institutions, Gambero Rosso and ALMA, to offer Italian culinary programmes in Thailand; and the export of Singha beer to modern retail channels in Italy.

In the lifestyle sector, Allied Metals (Thailand) Co., Ltd. has extended Italy's excellence in kitchen craftsmanship in Thailand by introducing high-end Italian kitchen equipment to leading hotels, resorts, and fine-dining restaurants nationwide, while developing customised solutions to elevate premium kitchen standards in the Thai service sector.

In investment, Central Group invested in Rinascente, Italy's iconic department store with over a century of heritage, developing the business to exceed EUR 1 billion in sales in 2023. Rinascente currently operates nine stores across eight major cities in Italy, with a total retail space of over 74,000 square metres.

In the Bio-Circular-Green Economy (BCG), Singha Corporation and Vittoria Industries jointly established Graphene Creations Co., Ltd. in Thailand to focus on the development of graphene materials for applications across various industries, including bicycle tyres, environmental solutions, textiles, and surface coatings.

In energy, PTT has engaged in discussions with SNAM, Italy's natural gas specialist, on cooperation in clean energy.

In tourism, Thai Airways International expanded flight services to Milan in 2024 to accommodate growing travel demand in Europe, while partnering with Cremonini Group to enhance in-flight services, particularly in food and beverage offerings.

In art and design, Deesawat Industries, a Thai furniture manufacturer and exporter recognised for sustainable design under the "Deesawat" brand, has participated in leading global furniture exhibitions such as Milan Design Week and Salone del Mobile, fostering close collaboration with Italian designers.

In addition, ITBF has driven cooperation through various initiatives, including food and beverage industry promotion activities at The Food School Bangkok—Thailand's first culinary school established through a collaboration between ALMA (Italy), Dusit Thani College, and Tsuji (Japan); the provision of medical equipment to support Italy during the COVID-19 pandemic; Italian Cuisine Week organised by Tops, Central Retail's food business, in collaboration with the Italian Embassy in Thailand and the Italian Trade Agency (ITA); as well as "Dolce Italia," an Italian lifestyle exhibition organised by Central Department Store in partnership with the Italian Embassy and ITA. These collaborations collectively reflect the continued strength and growth of Thai-Italian business cooperation.

The 10th Italian-Thai Business Forum represents a significant milestone as the partnership enters a new decade of economic cooperation between Thailand and the Italian Republic, under a shared mission to strengthen connectivity, create business opportunities, and drive sustainable economic growth for both countries.

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