India’s Act East policy complemented by Thailand’s Act West policy
The Indian market remains attractive for Thai investors, especially through the flourishing economic cooperation in trade, investment and tourism in India’s resource-rich North East region, Minister of State for External Affairs Rajkumar Ranjan Singh.
Speaking at the second edition of the North East India Festival, held in Bangkok on 30 July 2022, he said, “India provides huge opportunities for investment in infrastructure, including roads, ports, power sector, food processing, renewable energy, digital technology, logistics and electric vehicles.”
Singh elaborated that all the Northeastern states are rich in natural resources, minerals and forest wealth, exotic fruits and vegetables as well as unparalleled scenic beauty.
“We would welcome the business community of Thailand to explore the Indian market for greater trade and investment linkages with particular emphasis on Northeastern states,” he said.
Thailand Deputy Prime Minister Minister Jurin Laksanawisit added, “Thailand is historically and geographically very close to India’s North East.”
India has a Free Trade Agreement with ASEAN member countries including Thailand which is one of the most prosperous economies and closer to the North East region that offer huge potential for investments. The FTA covering markets of nearly two billion came into force in January 2010.
Bilateral trade between India and Thailand was around US$15 billion in 2021-22.
India’s Act East policy complemented by Thailand’s Act West policy has provided the basis for building a multi-faceted partnership between the two countries. Northeast India is the gateway to Thailand and other South East Asian countries.
The North East India Festival will help in pushing trade, tourism and people to people connect with both the regions.
The three-day festival, held 29-31 July, showcased the Northeastern region’s rich diversity and opportunities. fiinews.com
