Firms encouraged to look at India
The Commerce Ministry plans to encourage Thai exports to, and investments in India, whose burgeoning economy is currently the focus of world business attention.
According to the World Bank, India's economy is growing by an average of 9-10 per cent per year. In addition, it is a market with 1.3 billion people - 300 million of them high income-earners. Commerce Ministry inspector-general Thawatchai Sopastienphong said India's rapidly growing economy had prompted the ministry to launch plans to increase Thai investment there. The Indian government has launched new infrastructure projects, and is restructuring existing facilities and operations to make the country "more sexy" to foreign investors. These projects include new harbours, roads, hotels, bridges, and residential projects. Thawatchai said Thai investors should participate in bidding for these projects. The Indian government has set aside US$150 billion (Bt5.7 trillion) to develop its infrastructure in the next five years. Thai businesses have invested $8 million in India in recent years. "The Thai government will fully support Thai operators wishing to join the bidding by helping find bank guarantees or financial support," he said. To penetrate the Indian market, the ministry has divided export goods into two groups. They are high-export-volume goods that are already being exported, and high-potential products of which India imports a small volume. The ministry will focus on high-potential products - including diamonds, jewellery, science equipment, electronic goods and sugar - by conducting a business-matching exercise in the hope of boosting exports. Exporters will also be encouraged to participate in trade fairs in India. Petchanet Pratruangkrai, The Nation
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