'Immense potential for expanding Indo-Thai trade'

Mumbai, Jun 29: Reaffirming Thailand's commitment to a speedy conclusion of the ongoing Indo-Thailand Free Trade Agreement (FTA) negotiation, Thailand Deputy Minister of Foreign Affairs H E Sawanit Kongsiri emphasized that apart from trade in goods, there is immense potential in increasing trade in services and investment between the two countries.

Addressing the exclusive interaction on ' Emerging Opportunities Post India- Thailand FTA- A win-win partnership', here today, he said, ''The two countries are well placed to become gateways to our respective regions and have immense potential in expanding trade in services and investment. Indian businesses have already gained a strong foothold in the Thai industrial and economic landscape while Thai businesses are keen to enter the Indian market.'' Pointing out the bilateral trade between the two countries, Kongsiri said the trade between the two have increased from USD two bn in 2005 to USD 3.4 bn in current year, further it has been targeted to reach USD four bn by the end of 2007.

He also emphasised that Thailand could benefit from India's expertise and specialization in areas such as IT, biotechnology, pharmaceuticals and renewable energy. Business opportunities, which Thailand hopes to explore in India includes food processing, agro-industry, automotive components industry, retail, tourism and related activities, civil aviation and fisheries.

''We would welcome co-operation in the form of joint ventures. We also have expertise in infrastructure development, which India will need to develop as a top priority in its drive towards sustainable high economic growth and becoming another engine of the global economy,'' Kongsiri added.

UNI

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