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The bi-lateral trade between India and Thailand is expected to reach $10 billion by the end of next year, said Mr Abhisit Vejjajiva, Prime Minister, Thailand, addressing Indian and Thai businessmen here today.
“Bi-lateral trade between India and Thailand has grown six fold in the last decade and touched $6 billion last year, growing at over 30 per cent from the previous year,” said Mr Anand Sharma, Union Minister for Commerce and Industry.
The bi-lateral trade between the two countries for 2010 was recorded at $6.7 billion.
Thai companies have invested $1 billion in India while Indian companies have invested $2 billion in the Thai economy till date, said Mr Sharma. There is scope for collaboration in sectors such as pharmaceuticals, infrastructure, food processing, automobile, chemical and allied industry.
Stressing the significance of the North-East region as a link between the two countries, Mr Sharma said that India's look-East and Thailand's look-West policy is likely to lead to the development of the region.
He invited Thai companies to invest in infrastructure, agro-processing, cold chains, warehouses and food processing facilities.
In order to attract more investments, Thailand is planning to significantly reduce its corporate income tax rate. The current corporate income tax rate is at 30 per cent.
“We expect Thailand's economy to grow at 4 to 4.5 per cent this year, led by private consumption, private investments and exports,” said Mr Vejjajiva.
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