India-Thai Chamber of Commerce organised ‘The Golden Decade For India’ forum at Radisson Blu Plaza, Bangkok, Thailand on Wed, April 19, 2023. It aimed at promoting economic collaboration between India and Thailand.
The forum shed light on the significance of innovation and entrepreneurship in driving economic growth. Ravi Sehgal, the President of the India-Thai Chamber of Commerce, said
“Money doesn’t grow on trees, but it grows when we plant the seed of innovation and entrepreneurship”.
Sehgal’s statement highlights the significance of nurturing an environment that fosters innovation and entrepreneurship. as it can stimulate the economy, create job opportunities, and attract foreign investment.
Encouraging innovation and entrepreneurship can catalyse sustainable economic development and contribute to the growth of the bilateral relationship between India and Thailand.
Indian Ambassador at the Golden Decade for India Forum
H.E. Mr. Nagesh Singh, India’s ambassador to Thailand urged a boost in investments between the two nations, emphasising sectors such as automobiles, food products, and electronic goods. In addition, he proposed integrating the digital payment systems of both countries, India’s United Payment Interface (UPI) and Thailand’s PromptPay, to simplify transactions between them.
Though a small yet vital community in the economic integration of India and Thailand. Singh acknowledged the significant economic contributions of the Indian diaspora towards India’s growth. He cited that the foreign remittance received in 2022 amounted to $100 billion, surpassing China and Mexico. He also commended their efforts and highlighted the role of the Indian diaspora in Thailand. Their contributions have been instrumental in strengthening the Indo-Thai economic partnership.
With a growing interest and a thriving Indo-Thai relationship, the Thai Indians hold immense potential to drive positive economic, social, and political collaboration.
The Indo-Thai Economic Bond
Among the ASEAN countries, Thailand is India’s fifth-largest trading partner, preceded by Indonesia, Malaysia, Singapore, and Vietnam.
The rapidly developing Indo-Thai friendship has allowed more dynamic and sustainable economic growth. Simultaneously it has also promoted peace and stability in the Asian region.
The ASEAN framework has been instrumental in expanding Indo-Thai relations, with Thailand as the second-largest economy in the ASEAN bloc. Despite challenging circumstances, India and Thailand have maintained a strong partnership. Even during the COVID-19 pandemic, the Indo-Thai bilateral trade reached $9.76 billion.
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