By The Nation
International Trade Promotion Department director-general Somdet Susomboon said Commerce Minister Jurin Laksanawisit will take private sector representatives to Bengaluru and Hyderabad to expand trade opportunities there and seek channels for export. The trade delegation visited Mumbai and Chennai in September, helping to successfully expand trade and other activities.
With a huge population of more than 1.3 billion, India is one of the most important markets for Thailand, second only to China. According to the United Nations World Population Prospects 2019 report, by 2030, or in just 10 years, India will have a population of 1.5 billion, surpassing China. By 2040, it will have a population of 1.59 billion people. Importantly, India is a market that relies on its domestic economy and is barely affected by the trade war between the United States and China.
The department has come up with a strategic plan to continually promote exports and services to the Indian market. This is in line with the Commerce Ministry’s policy to find new markets that have the potential to replace current export markets during a global economic slowdown.
Jurin’s policy is proactive in expanding the Indian market by penetrating eight states – Maharashtra, Gujarat, Karnataka, Tamil Nadu, Talangana, New Delhi, West Bengal and the “Seven Sisters” states, or the northeast states.
Karnataka and Talangana are both considered India’s information technology centres, elevating businesses dealing with residences, hotels, shopping malls, and tourism, leading to increased demand for various goods and services to support the growth of urban society, as well as foreign investors.
This visit, which will see the opening of the first TopThai store on Bigbasket, the largest online grocery store in India, is also expected to witness business match-ups dealing with agricultural and industrial products such as cassava flour, rubber wood, food, fruit, construction materials, cosmetics, and more.