Thailand to expand businesses in India

BANGKOK, February 24 (TNA) - Thai public and private agencies have joined forces to expand trade, investment and tourism markets in India. Commerce Ministry Spokeswoman Duangkamon Jiambut told journalists on Tuesday that, based on the cooperation, Thai Commerce Minister General Chatchai Sarikulya, Tourism and Sports Minister Kobkarn Wattanavrangkun, as well as representatives of the Board of Investment of Thailand (BOI), the Board of Trade of Thailand and the Federation of Thai Industries (FTI) are scheduled to visit India from February 24-27, 2015. During their four-day stay in India, the spokeswoman said, the Thai delegation is scheduled to meet Indian commerce and industry ministers and to discuss trade, investment and tourism with representatives of the Indian private sector. The spokeswoman stated that the Thai commerce minister will also witness the signing of memoranda of understanding (MOU) on trade cooperation between Thai and Indian business operators, including members of the chambers of commerce from Thailand’s southern Surat Thani Province and Surat City of India’s Gujarat State. According to the spokeswoman, there will also be a business-matching activity to support Thai exports. Thailand and India have sealed their free trade agreement (FTA), which is expected to boost the value of mutual trade and investment by about 13.2 billion US dollars. Both countries signed an agreement to reduce mutual trade barriers in 2009 and their mutual trade value rose from 11.5 billion US dollars in 2003 to 80 billion US dollars in 2013. India is Thailand's most important trading partner in South Asia, with Thailand gaining a trade surplus of 2.57 billion US dollars over India last year. (TNA)