By R. Natarajan, Managing Editor & Publisher
India – ASEAN – Sri Lanka Chamber of Commerce & Industry organized an Interactive session on “Business Opportunities between India and Thailand” on November 22, 2022 at “Pallava Hall”, Cosmopolitan Club, Chennai.
H.E. Mr. Nitirooge Phoneprasert, Consul – General, Royal Thai Consulate General, Chennai, was the Chief Guest. H.E. Mr. Nanthapol Sudbanthad, Director and Consul (Investment), Thailand Board of Investment, Mumbai, and Ms. Kanyawan Suebsing, Vice-Consul (Commercial), Thai Consulate, were the Guests of Honour.
Mr. S. Narasimhan, President, India-Asean-Sri Lanka Chamber of Commerce & Industry (IASCCI), and Vice Chairman, Sattva Logistics Pvt. Ltd., welcomed the gathering, said: “India and Thailand share a long history of Trade and Cultural relations that dates back many centuries old and growing strong day by day. Thailand is the fourth largest trading partner for India in the ASEAN region. The economic cooperation between the two countries in trade, investment and tourism have continued to flourish even after Covid pandemic days too. Bilateral trade between India and Thailand has reached an all-time high of around USD 15 billion in 2021-2022. The Indian market remains attractive for Thai investors.
India’s look East policy complemented by Thailand’s Look West policy has provided the basis for building a multi-faceted partnership between the two countries. The Free Trade Agreements signed between India and ASEAN countries intended to promote ease of trade and investments duly removing restrictions such as tariffs, import quotas and export limits. In the post-liberalization era, India has been actively engaging with ASEAN countries to enhance international trade relations and signed more than two free Trade Agreements with Thailand.”
Mr. D.V. Venkatagiri, CEO & Director of the Global Trade Driver, introduced the Chief Guest, the Guests of Honour to the Members present. While explaining the theme of the interactive session he also mentioned about the business opportunities in the Space industries for the Indian businessmen.
Mr. Nitirooge Phoneprasert, Consul General, Royal Thai Consulate General, Chennai, inaugurated the Interactive Session and addressed the gathering. In his address, he observed: “Thailand owes its close trade and diplomatic ties with India to historic, culture and social reasons. Strong economic, commercial and cultural links and regular people to people contacts have helped the growth of two-way trade between the two countries.
As the result of India’s Look East policy and Thailand Look West Policy the two-way trade in 2018 rosed to USD 12.46 billion and the balance of payments side Thailand weighed more in addition to foreign Direct Investments in India. These investments have been mostly in Infrastructure, Real Estate, Food Processing, Chemicals and Hospitality”.
H.E. Mr. Nanthapol Sudbanthad, Director and Consul (Investment), Thailand Board of Investment, Mumbai, in his presentation observed: “The Thailand Investment Board offers Information & Advice on establishing operations in Thailand coordinating between the foreign business community and other public agencies.” It also extends business support services for investors, information on incentives, sourcing and competitive development of SMES. Among the other attractive incentives offered are: (1) Corporate Income Tax exemption up to 13 years, (2) 50% Corporate Income Tax reduction for 5 years, (3) Exemption of import duties on raw materials or essential goods imported for exports, (4) Exemption on goods imported for R&D”.
Ms. Kanyawan Suebsing, Vice-Consul (Commercial), Thai Consulate General, made a detailed presentation on various Commercial Products of Thailand which include various food products, fruits and vegetables, engineering and electrical goods among others. She mentioned that the Indian businessmen can approach the Thai Trade Centre, Chennai, for more information on Import of Various industrial products from Thailand.
Mr. S. Shyam Kumar, Senior Manager of IDFC FIRST Bank, in his address, narrated various business products offered by the Bank which include Export Finance, Packing Credit, etc.
Earlier, President Mr. S. Narasimhan,Vice-Presidents Mr. M. B. Sridharan and Mr. Jambunathan Elango honoured the Chief Guest and Guests of Honour with flower Bouquets and Mementos.
The Chamber organized a Catalogue/Business brochure show at the event. The Thai Trade Centre displayed some of the Commercial products of Thailand for the information of Chamber Members. More than 60 participants drawn among the Chamber Members participated in the above interactive session.
The Meeting concluded with a vote of thanks proposed by Mr. Jambunathan Elango, Vice-President.