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Ambassador encourages Thai SMEs to invest in India

Oct 26. 2019
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By THE NATION

Chutintorn Gongsakdi, Thailand’s ambassador to India, on Saturday (October 26) urged Thai businesses to invest in India, noting that the relationship between the two countries is excellent, especially in economic terms.

“At present there are 32 Thai companies registered to conduct business in India, up from 26 companies last year,” he said. “The Indian market has high demand for retail operators, cosmetics, and electric vehicle (EV) charging stations.”

The ambassador explained that the Embassy has been coordinating with Invest India, a local investment promotion agency to support Thai entrepreneurs from the start of negotiations to applications for required licenses.

“Although 2019 will probably see a lower increase in India’s GDP of 6 per cent compared to 7.3 per cent last year, this expansion is still higher than many neighbouring countries,” he said. “India has per capita income of US$2,016.15 and this is predicted to increase to $2,379.51 next year. The middle-income earners are the largest group, numbering more than 400 million people, or 30 per cent of total 1.3 billion population. These are the potential customers for Thai SMEs.”

“Thai entrepreneurs can enter India’s markets in many forms, as aThai company or a joint-venture with local or foreign enterprises. Moreover, existing Thai companies are more than willing to coach newcomers about business opportunities and the ways to win locals’ hearts,” Chutintorn added.

The ambassador also listed the industries with potential for Thai entrepreneurs, namely: food, services (tour guide, wedding service), jewellery, and wooden furniture, especially items made from rubber wood. “Indians are also very fond of Thai food, which shares many similarities with local cuisines, while the Thai craftsmanship is highly appreciated in the jewellery and furniture markets.”

Trade volume between Thailand and India currently stands at US$14 billion, which the Thai government is aiming to push up to $30 billion by 2023 with the help of tourism industry. Indian tourists make up roughly 20 per cent of total visitors.

 

Related Story: Tourist numbers well on track statistics show

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