Prime Minister Narendra Modi’s two-day visit to Thailand, which begins Thursday, is aimed at improving economic and investment ties between the two countries. India’s rapidly developing market continues to draw Thai investors, and Indian investments in Thailand have steadily increased in recent years.
Thailand has made investments in India’s infrastructure, real estate, agro-processing, electronics, automotive, food processing, hospitality, and renewable energy sectors. One of the most significant investments occurred in 2021, when Global Renewable Synergy Co., Ltd invested $453.29 million in India’s renewable energy sector.
Bilateral trade has thrived under the Early Harvest Scheme, which comprises 83 items under the India-Thailand CECA, signed in 2004. Furthermore, the ASEAN-India Trade in Goods Agreement has promoted more efficient trade flows. AITIGA is being reviewed as improving accessibility and business facilitation.
Thailand’s Ministry of Commerce estimates that bilateral commerce will total $16.04 billion in 2023. India’s exports totalled $5.92 billion, while Thailand’s imports were worth $10.11 billion. Thailand is India’s fourth largest trading partner in the ASEAN area.
Among India’s most important exports are machinery, metals, medicines, chemicals, and agricultural items. In exchange, Thailand supplies India with fats, oils, polymers, jewellery, and iron and steel.
