Thailand is seeking India’s cooperation in a number of sectors, such as aerospace, automation, medical devices, pharmaceutical, bio-technology and IT/ITes, as it strives to transform into a value-based economy.
The Thailand Board of Investment, which has invited 2,500 investors from across countries to its mega seminar Opportunity Thailand 2017 this week, is especially interested in investments from India, an official from the Thai government said.
“According to the government’s Thailand 4.0 model, 10 target industries have been identified as the new engines of growth to transform the country into a regional innovation hub through the use of creativity, advanced technology, research and development and human resource development. Indian companies can contribute in all these sectors,” Kanokporn Chotipal, Director and Consul (Investment), Thailand Board of Investment, told BusinessLine.
The India-Thailand Free Trade Agreement being considered by the two countries could play a big role in boosting trade and investments, said Chotipal.
“A full-fledged FTA can play a vital role to boost trade for both sides, and will lead to investment as well. Trade volume has increased significantly after the Early Harvest Scheme of Thailand-India was put in place and the ASEAN-India FTA was implemented. Definitely, an FTA can complement each other’s economy in the long run,” she said.
Both the governments have to draw the attention of businesses from both sides to the benefits that each can get from the FTA, so that they are able to utilise the privileges offered, she added.
India exported goods worth $3billion to Thailand in 2015-16, while its imports from that country were valued at $5.5 billion.