Thailand relies on pharma, banks to up trade with India

Thailand is looking at doubling bilateral trade with India in the next two years to $4 billion and is banking on pharmaceuticals, raw materials and software content as key drivers.

Thailand is also projecting itself as an investment destination for Indian companies and is urging hospitality majors like Tatas, Oberoi and Leela to set up shop in the country.

"At present, the bi-lateral trade between India and Thailand is around $2 billion and we are looking at increasing this to $4 billion by 2007. We will import pharmaceuticals and invisible content like IT and software, and focus on exports of home appliances, food and vegetables and consumer products," Thailand Trade Representative Prachuab Chaiyasan told reporters here today.

Under a free trade agreement (FTA), which became effective on September 1, the countries can trade in 82 items. Thailand wants to increase it to 164 items in the next one year, and double it further in another year's time, Chaiyasan said.

The country is also looking at importing steel from India and making finished products in Thailand, from where they will be sent to global markets.