India-Thailand ties to see new high in hospitality and construction materials
The Thai Trade Center Mumbai organised a Seminar & Business Networking Programme on Hospitality and Construction Materials which was supported by MVIRDC World Trade Center Mumbai on May 20, 2019. H. E. Ms. Chutima Bunyapraphasara, Deputy Minister of Commerce and Acting Minister of Commerce, Thailand led the business delegation from Thailand comprising representatives from hospitality and construction material industries.
H. E. Ms. Bunyapraphasara said,” There is immense scope to double the current trade of USD 12 billion between Thailand and India particularly in the backdrop of the emerging opportunities in technology, hospitality, tourism, food processing, among others. India and Thailand must take various initiatives to promote bilateral trade as Thailand is the 2nd largest economy in ASEAN region.”
Ms. Prim Jitcharoongphorn, Chairperson of Thailand-India Business Council said, “The ambitious RCEP negotiation will further enhance the scope of cooperation beyond trade in goods and services to promoting cross-border investment, relaxation of immigration laws, mutual recognition of standards etc. Major investments from Thailand into India are in infrastructure, real estate, hotel and hospitality sectors (besides food processing and chemicals).”
Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Center Mumbai and President, All India Association of Industries (AIAI) said, “India’s bilateral relations with Thailand are cordial and deep-rooted. Last year marked the 70th anniversary of India-Thailand relations. India’s construction and hospitality companies can explore investment opportunities in the upcoming Eastern Economic Corridor (EEC). This project envisages investment worth USD 43 billion in the next five years on airport expansion, new railways and cities, port development and developing modern industry. The ongoing 1,360 km long trilateral highway project connecting India with Thailand via Myanmar also offers huge opportunity for construction and hospitality companies in both the countries.”
On this occasion an MoU was signed between MVIRDC World Trade Center Mumbai and the Department of International Trade Promotion in the presence of H. E. Ms. Bunyapraphasara with the objective to strengthen, encourage, promote and develop cooperation and collaboration in various business activities, etc. The Memorandum will also enable expansion of business partnership between India and Thailand.
