On 7 October 2009, the first day of his two-day roadshow to India, Deputy Prime Minister Korbsak Sabhavasu and Vice Minister of Foreign Affairs Panich Vikitsreth were key personalities at the Thai-India Business Forum on Trade, Investment and Tourism in New Delhi. They also held bilateral meetings with key members of the Indian Government.
DPM Korbsak delivered a keynote address to more than 70 Indian business executives from 10 sectors of industry, including the electrical and electronics, logistics, chemical, real estate, gems and jewelry, processed food and tourism sectors, inviting them to invest more in Thailand.
The Thai-India Business Forum, co-organized by the Thai public and private sectors with the Federation of Indian Chambers of Commerce and Industry (FICCI), received enthusiastic responses from Indian businessmen. In his keynote address, the DPM suggested that in a changing post-financial crisis world, one where India and Asia will play a greater role in driving the global economy, India and Thailand should adjust together and seek new opportunities for cooperation for their mutual benefits. He suggested collaboration in the tourism field by linking the “Amazing Thailand, Amazing Value” and “Incredible India” tourism promotion campaigns. He also highlighted Thailand’s potential in producing the alternative energy “ethanol” from agricultural crops as a response to India’s energy needs. Finally, DPM Korbsak emphasized the mutual compatibility of India’s “Look East” policy with Thailand’s “Look West” policy, expressing confidence that bilateral relations will be even further enhanced with the upcoming exchanges of visits at the Prime Ministerial level in the days and months to come.
After the keynote address, the Thai private sector delegation accompanying the DPM participated in a business matching exercise with their Indian counterparts. The Indian participants showed great interest in Thailand’s potential as an investment destination, including in the ASEAN context.
In the morning, DPM Korbsak met with the “Team Thailand” in New Delhi, comprising representatives of the public and private sectors with offices in New Delhi. In addition to explaining the government’s approach to solving the country’s economic challenges, he also provided participants with the opportunity to raise issues regarding the conduct of their business in India. In this regard, participants mentioned high tariff rates on imported raw materials and double taxation.
In the afternoon, the DPM held bilateral talks with Mr. B.K. Handique, Minister for Development of the North Eastern Region, and Mr. Kamal Nath, Minister of Road Transport and Highways. The talks touched upon bilateral issues for cooperation such as the possibility of Thai companies to invest in the Indian Government’s basic infrastructure drive, said to be worth USD 70 billion over the next 3-4 years. Also discussed were cooperation in tourism and FTA trade.
Other activities conducted by the DPM include meetings with leading Indian companies such as Aditya Birla Group and Polyflex, which already have investments in Thailand, and participating in a dinner for leading Indian businessmen hosted by the Royal Thai Embassy in New Delhi.
All in all, not only did this visit to New Delhi afford the opportunity to reaffirm the friendly relations between India and Thailand, based on historical and cultural ties, as well as various cooperation frameworks such as BIMSTEC and ASEAN, it also emphasized to both sides, especially Thailand, the potential yet to be tapped in this bilateral relationship, where India will play an increasingly important role in the regional and global economy.
For further information, please contact the Press Division, Department of Information, Ministry of Foreign Affairs, Tel.02-6435170, Fax.02-6435169, E-mail: div0704@mfa.go.th