FRIDAY, March 29, 2024
nationthailand

Thai-Indian trade could hit $16 bn in 5 years on closer ties

Thai-Indian trade could hit $16 bn in 5 years on closer ties

THANKS to closer ties with India and the outward-investment policy of the Thai government, private enterprises believe Thai invest-|ment in that country could grow |tenfold to US$2 billion (Bt70 |billion) by 2021, while bilateral |trade could reach $16 bi

After joining Prime Minister Prayut Chan-o-cha on an official visit to India last week, Sanan Angubolkul, vice chairman of the Board of Trade of Thailand and the Thai Chamber of Commerce, said the two countries had great opportunities to promote bilateral trade and investment growth.
The first India-Thailand Joint Business Forum (ITJBF), which gathered about 50 Thai and Indian businesspeople in New Delhi, agreed to accelerate expanding the countries’ free-trade agreement to cover more goods and services.
Two-way trade is targeted to double from $8 billion in 2015 to $16 billion in 2021.
Sanan said New Delhi’s “Make in India” policy was attractive to Thai investors, and they would like to be supported under the “Invest India” policy.
Sectors interesting Thai in-vestors in India are electronics, |automobiles and parts, infrastructure development, hotels, pro-cessed food, medical and healthcare services, and Buddhist circuit tourism.
Thai companies that would like to expand their investment in India include Delta Electric, Srithai Superware, and Allied Metals (Thailand).
Sanan, who is also chairman of Srithai Superware, said initial investment from Thailand to India could surge tenfold to $2 billion in 2021 from the current accumulative investment of $245.2 million since 2000.
However, there are still some factors obstructing trade and investment growth in India, he said. They are differentiation between the policies of India’s central government and local governments, slow visa approvals, and complicated rules and regulations.
To address those problems, the Thai and Indian business communities agreed to call for a meeting of the ITJBF at least once a year to draw up working plans.
The two sides will also organise a special activity to celebrate 70 years of diplomatic relations between Thailand and India next year.
 
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