India seeking business tie-ups with Thailand isn’t enough to actually create a sustainable commercial relationship. It is equally important what Thailand thinks of India. And with so many articles on the search engine, you already know that Thailand views India as the ultimate gateway to the South Asia and more. Besides, reduced tariff rates and recent initiatives adopted by these two countries have increased trade in the recent years. In fact, bilateral trade has multiplied almost 8 times since 2000.
Don’t you believe me? Then have a look at the below-mentioned trade figures;
| Year | Total trade | Thai Export to India | Thai Import from India |
| 2012 | 8.87 | 5.47 | 3.40 |
| 2013 | 8.69 | 5.19 | 3.50 |
| 2014 | 8.66 | 5.62 | 3.04 |
| 2015 | 7.92 | 5.29 | 2.63 |
| 2016 | 7.72 | 5.15 | 2.57 |
Source: http://www.indianembassy.in.th/pages.php?id=174
In fact, recently in a report, it was mentioned that the Thailand-based companies are seeing good opportunity in India. Even they are completely alright to invest USD 3 million. There is no doubt about the fact that India’s present government has created a huge space for foreign businesses to prosper. Though, the trade agreements play a major role here, visiting different countries quite often and establishing a good rapport with the government cannot be ignored either.
Similarly, the brown and greenfield project that includes infrastructure, energy, and metals helps the Indian market to remain attractive. Suwimol Tilokruangchai, the executive director of the Thai Trade Center said, “We are looking towards India with a great interest from last seven decades and plans to enhance the bi-lateral trade thanks to the positive approach of both the Thai and Indian governments.”
Coming to present scene, some of the leading Indian companies such as Tata Motors, Aditya Birla Group, Lupin, Kirloskar Brothers, Ashok Leyland, Usha Steel and Jindal Group are already active in Thailand. Aside, Thailand is seeking cooperation from India in aerospace, medical devices, biotechnology, and pharmaceutical in order to transform the country in a valuable economy. Keeping that mind, Thailand has invited investors from India.
According to Thailand 4.0 model, the country has identified 10 targeted industries as the new engines of growth, expected to transform Thailand into a regional innovation hub by using more creativity, doing research and development, human resource development and using advanced technology.
Additionally, both the countries are considering a full-fledged Free Trade Agreement that is likely to play a major role to boost trade and investment.
