Thailand has invited Indian investments in sectors such as tourism, hospitality and food-processing.
The Southeast Asian nation expects bilateral trade to grow substantially once the Free Trade Agreement upgrades to the second level, Nalinee Taveesin, Permanent Trade Representative, Minister at the Thailand Prime Minister’s Office, said.
Currently, India and Thailand have an ‘Early Harvest Scheme’ under the FTA, allowing for tariff exemptions on 82 items.
“Hospitality and tourism are the two very important areas (for investment). We receive 24 million tourists a year. India could probably look at food-processing sector (also),” Taveesin said. She pointed out that Thailand Board of Investment would provide incentives for setting up hotels with more than 100 rooms.
According to Taveesin, education sector is also a potential area for investment in Thailand.
The two-way trade between Thailand and India stood at $8.2 billion in 2011. It is expected to be worth $14 billion by 2014.
According to representatives of Thailand Prime Minister’s Office, such a growth should be driven by concentration on services and investment between the two countries.
Taveesin added that talks are at an advance stage to upgrade the FTA to second level and it should happen soon