Mumbai: The bilateral trade between India and Thailand is expected to touch $11 billion in 2018 from $10 billion in 2017, a senior government official said.
"Thailand views India as the gateway to South Asia and beyond. As a result of the reduced tariff rates and new initiatives adopted by both the countries, bilateral trade has increased in recent years," Consul General of Thailand in Mumbai Ekapol Poolpipat said after inaugurating 3-day Thailand Week 2018 here.
"The bilateral trade between India and Thailand is expected to touch $11 billion during the current financial year from $10 billion in 2017," he added.
To offer the latest Thai technologies and products to the Indian consumers, the department of international trade promotion, ministry of commerce, Thailand and Thai Trade Centre Mumbai, has organised a three day "Thailand Week 2018" between 7- 9 June. In view of taking advantage of the fast growing Indian economy, several Thai companies are also keen to make investments in India.
"The Thailand-based companies see good opportunity here and looking to invest around $3 billion by 2020. The fast growing Indian market remains attractive for Thai investors given the opportunities in green and brown field projects including energy, infrastructure and metals," Thai Trade Centre executive director and consul Suwimol Tilokruangchai said.
"Thailand-based companies see a big potential in Indian energy, metals as well as infrastructural facilities," she added. Over the decades, nearly 30 Thai companies are active in the field of infrastructure, real estate, food processing, chemicals, hotel and hospitality sectors in India.
The Thai government has also invited Indian companies to investment in Thailand. At present around 40 Indian companies have made an investment of around $2 billion in the areas of software, agri chemicals, electric car development in Thailand. Leading Indian companies include, Tata Motors (Thailand), Tata Steel Thailand, TCS, The Aditya Birla group, Mahindra Satyam, Lupin, NIIT, Kirloskar Bothers, Punj Lloyd group, Ashok Leylands, Jindal group and Usha Siam Steel Industries are active in Thailand.
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Updated Date: Jun 08, 2018 10:45:16 IST