MVIRDC World Trade Center Mumbai supported by the Thai Trade Center Mumbai, organised a Seminar & Business Networking Programme. H. E. Ms. Chutima Bunyapraphasara, Deputy Minister of Commerce and Acting Minister of Commerce, Thailand led the business delegation from Thailand comprising representatives from hospitality and construction material industries. An MoU was signed between MVIRDC World Trade Center Mumbai and the Department of International Trade Promotion in the presence of H. E. Ms. Bunyapraphasara with the objective to strengthen, encourage, promote and develop cooperation and collaboration in various business activities, etc. The Memorandum will also enable expansion of business partnership between India and Thailand.
There is vast scope to double the current trade of USD 12 billion between Thailand and India particularly in the backdrop of the emerging opportunities in technology, hospitality, tourism, food processing, among others. India and Thailand must take various initiatives to promote two-way trade as Thailand is the 2nd largest economy in ASEAN region.
India’s economic and commercial relations with Thailand are rooted in history, age-old socio- cultural interactions and extensive people to people contacts. India and Thailand celebrated 70 years of diplomatic relations in 2017. India’s ‘Look East’ policy (since 1993) and Thailand’s ‘Look West’ policy (since 1996) which has now metamorphosed into India’s ‘Act East’ and Thailand’s ‘Act West” are strongly contributing in consolidating bilateral relations including economic & commercial linkages.
The ambitious RCEP negotiation will further enhance the scope of cooperation beyond trade in goods and services to promoting cross-border investment, relaxation of immigration laws, mutual recognition of standards etc. Major investments from Thailand into India are in infrastructure, real estate, hotel and hospitality sectors (besides food processing and chemicals).
The fast-growing Indian market remains attractive for Thai investors, given the vast opportunities available in infrastructure sector, tourism and retail industries. India continues to remain an interesting market for export of goods from Thailand. Currently, Thai goods have benefited from tax reduction under ASEAN-India FTA in Goods, which came into effect from 01 January, 2010 and resulted to the flow of more goods into Indian market. An Early Harvest Scheme (EHS), covering 82 products (now 83 products) under the proposed India-Thailand FTA, in place since September 2004, has already resulted in phenomenal growth in our bilateral trade.