If 10 years ago an economic guru had advised an Asian country of 62 million people that, with the right policy reforms, they could look forward to becoming the "Ireland of Asia", the people of both countries would rightly have considered him mad.

But it's a measure of Ireland's extraordinary economic growth that one of the world's most famous economists has prescribed exactly that fate for Thailand if the government there acts fast to combat the "low productivity, low skill and low wage" cycle.

In the analysis of Harvard Business School's Prof Michael Porter, Thailand's geographical advantages mean it is well-positioned to become a regional economic gateway, like Ireland. Implement the right reforms, Prof Porter says, and the riches of foreign direct investment that gave birth to Ireland's Celtic Tiger could also become Thailand's.

The only problem was time, Prof Porter informed Thailand's Prime Minister Mr Thaksin Shinawatra earlier this year. Delay for more than three years and the "window of opportunity" may be gone.

Mindful of these pressures, the Thai government this week sent its first business delegation to Ireland to understand how it too can benefit from a sophisticated technology industry.

Mr Thaksin is already well acquainted with the lucrative potential of ICT (information and communications technologies). A billionaire telecoms tycoon, who is often said to be the richest man in Thailand and is fond of swanning around in Bangkok in his bronze-coloured Porsche, he was swept into power in 2001 on the basis that he could run the country as a successful business.

A cornerstone of this agenda is the development of a competitive ICT industry and, last October, he created a ministry devoted to that sector.

Speaking to The Irish Times in Dublin, the ICT minister, Dr Surapong Suebwonglee, spoke of Thailand's determination to strengthen its trade links with Ireland.

Despite the creation last year of the Asia Ireland Chambers of Commerce (AICC) in Bangkok, Ireland's corporate penetration into Thailand remains relatively insignificant.

And last year, trade between the two countries - which is largely based on food, agricultural products and data processing equipment - dropped by 17.7 per cent to €395 million.

In the typically conciliatory Thai manner, Dr Surapong claimed the poor corporate links between the two countries was "not the fault of Ireland but the problem of Thailand".

Speaking through his English-speaking permanent secretary, Ms Khunying Dhipavadee Meksawan, he said: "In the past, we have relied on our relations with countries we have known for years, like the US, Japan and some European countries. But with the establishment of this new ministry we hope to build relations with many more countries in Europe and throughout the world."

In a country that is notorious for its money-based politics and where previous governments have been installed at the whim of the armed forces, Dr Surapong, a former medical practitioner, is hoping that education will pave the way to economic success, as it did in Ireland.

He said one of his primary goals of the official five-day visit, which included a meeting on Wednesday with Minister for Foreign Affairs, Mr Cowen, was to learn about Ireland's "first-class" education system.

Citing Prof Porter's advice to the Thai government, Dr Surapong claimed one of the key reforms needed in Thailand was greater integration between academic institutions and the private sector. Ireland's system is a leading example of the benefits of this "partnership" he said.

"We want to replicate this integration in Thailand because our universities are quite removed from the private sector, which means students don't have the know-how to go straight into an industry. They have to train for a couple more years and this is impeding the growth of the ICT sector."

The president of the AICC, Mr Liam O'Keefe, identified education as a key growth opportunity for Irish companies in Thailand.

Having lived in Thailand since 1967, Mr O'Keefe claims there is "significant room for profit taking and growth" for Irish companies willing to make the move to south-east Asia.

He said: "It looks like Ireland's education system is reaching saturation point and so this is the perfect time to focus educational products on Thailand. With 62 million people, it's obvious why there is considerable room for growth."

With a third of the world's population in the Asia region, it's not surprising that analysts and multi-nationals are pinpointing it as the world's future engine of economic growth. But the emergence of the deadly SARS virus stopped these predictions in their tracks.

China and Taiwan have suffered the heaviest economic consequences of the illness but Dr Surapong admits it has taken a toll on Thailand's lucrative tourism industry. Thailand's government anticipated growth this year of 6 per cent but, in the aftermath of the Iraq war and SARS, he said forecasts have been revised to 4-5 per cent.

One obstacle to Thailand achieving its goal of becoming the "Ireland of Asia" may be the government's resolve to implement Prof Porter's recommended reforms. Concerns over political meddling in Thailand's economy following the election of Mr Thaksin are rife.

Although his cabinet is brimming with businessmen, the Thai government last year managed to skew the telecoms laws to the detriment of the prime minister's former business rivals. He reversed the policy after a massive public outcry.