India-Thailand Trade Ties to Strengthen During PM Modi’s Visit
Prime Minister Narendra Modi’s two-day visit to Thailand, beginning Thursday, is set to enhance trade relations between the two countries. The fast-growing Indian market remains attractive for Thai investors, and investments from the South Asian nation have also increased in recent years.
India and Thailand have a long history of economic cooperation, with bilateral trade ties dating back to the 1950s. Today, the two countries are looking to further strengthen their economic partnership, with a focus on increasing trade volumes and investments.
During his visit, Prime Minister Modi is expected to hold talks with his Thai counterpart, Prayut Chan-o-cha, to discuss ways to boost bilateral trade and investments. The Indian Prime Minister will also meet with business leaders and entrepreneurs from Thailand to explore new opportunities for collaboration.
India has emerged as one of the fastest-growing major economies in the world, with a growth rate of over 7% in recent years. This has made it an attractive destination for foreign investors, including those from Thailand.
In recent years, Thailand has been one of the largest investors in India, with investments worth over $1 billion. The Thai government has also been actively promoting Thai businesses to invest in India, particularly in sectors such as manufacturing, infrastructure, and services.
India, on the other hand, has been increasing its investments in Thailand, with a focus on sectors such as automotive, electronics, and textiles. Indian companies such as Tata Motors, Mahindra & Mahindra, and Hero MotoCorp have already set up manufacturing facilities in Thailand.
The growing trade ties between India and Thailand are also reflected in the increase in bilateral trade. In 2018-19, bilateral trade between the two countries stood at over $13 billion, with India’s exports to Thailand valued at over $6 billion and imports from Thailand valued at over $7 billion.
During his visit, Prime Minister Modi is expected to discuss ways to reduce trade barriers and increase trade facilitation between the two countries. He will also meet with Thai business leaders to explore new opportunities for collaboration in sectors such as renewable energy, pharmaceuticals, and IT.
The Indian Prime Minister will also be attending the 13th India-Thailand Business Summit, which will bring together business leaders and entrepreneurs from both countries to discuss ways to increase trade and investments. The summit will focus on sectors such as automotive, electronics, and textiles, as well as services such as tourism and healthcare.
In addition to trade and investments, Prime Minister Modi’s visit to Thailand is also expected to focus on strengthening cultural and people-to-people ties between the two countries. India and Thailand have a rich cultural heritage, with many cultural and historical ties between the two nations.
The Indian Prime Minister will also be visiting the famous Wat Phra Kaew temple complex in Bangkok, which is home to the revered Emerald Buddha, a sacred Buddhist artifact. He will also be attending a cultural event to celebrate the 25th anniversary of the establishment of diplomatic relations between India and Thailand.
In conclusion, Prime Minister Narendra Modi’s visit to Thailand is an important step towards strengthening bilateral trade ties between the two countries. With increasing investments and trade volumes, India and Thailand are looking to further enhance their economic partnership. The visit is also expected to focus on strengthening cultural and people-to-people ties between the two nations.
