ASEAN KEY DESTINATIONS
India and Thailand expanding trade
"Both India and Thailand have been focusing on economic and commercial co-operation in recent years. Last year, the average value of our bilateral trade was US$6 billion, and it has expanded at a 29 percent average in previous years," said Vachara Phanchet, of the Office of the Thai Trade Representative.
The Thai Board of Investment expects India-Thailand bilateral trade to touch US$10 billion this year. Thailand invested $831 million in India from April 2000 to December 2009, according to the Department of Investment Policy Promotion in India, and Thailand saw an investment of $282 million from India in 2008.
"We are also in the final stages of completing an India-Asean Free Trade Agreement," Mr. Vachara said.
Major Indian groups doing business in Thailand include: Tata group (automobiles, steel, software), Aditya Birla group (chemicals, textiles), Indorama group (polyester, acrylic) and Ranbaxy, Dabur and Lupin (pharmaceuticals).
Leading Thai companies in agro-processing, infrastructure, automotives, engineering, banking, housing and hospitality have an active and growing business presence in India.
Pruksa Real Estate Plc, Srithai Superware Plc, Charoen Pokphand Food Plc, Major Cineplex Plc, Italian-Thai Development Plc, Delta Electronics, and non-listed Thai Summit Auto are among the biggest Thai investors in India and many are happy with their ventures.
Pruksa completed a real estate investment in Mumbai and recently launched an investment in Bangalore on October 20. Delta Electronics is looking to expand in India, said Mr. Vachara. Srithai Superware, the largest manufacturer of melamine ware, plans to set up four plants in India with an investment of $32 million, he added.
Thongma Vijipongpun, chief executive officer of Pruksa, said his company's Silvana brand is to be unveiled sometime in early 2011. Pruksa, which has more than 20 brands under its banner across Thailand, Vietnam and other parts of the region, is looking to focus Silvana in the information technology city of Bangalore.
Prospects are so promising it already started development of second and third projects in India.
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