Thailand woos Indian investments in food processing sector

There is tremendous potential for collaborations between India and Thailand in the food processing sector, according to Pipat Paniangvait, vice-chairman, Board of Trade of Thailand.

Addressing a meeting organised by Consultative Committee of City Chambers of Commerce, he invited Indian companies to invest in food processing sector in Thailand as the cost of production would be lower in the country. While Thailand welcomed investments from India in the food processing sector, companies in Thailand were also keen on investing in India, he added.

He said Thailand's food processing industry was quite big and was known for instant noodles and bakery products. Instant noodles produced in Thailand are exported to about 40 countries across the globe though the domestic market consumes most of the production. Biscuit companies from Malaysia and Phillippines had set up shops in Thailand and exported to Korea and Japan, he added.

He also stressed that biscuit industry in India was well-advanced and Thailand was keen on exploring the possibilities of collaborations with the country.

He pointed out that there would be far more opportunities than the present bilateral trade between the two countries over the next couple of years. Last year, the total value of the bilateral trade reached nearly $3000 million.

Thailand exported goods worth about $1600 million to India and imported about $1300 million from India, according to Paniangvait.

Stating that the value of trade was growing further ever since the signing of free trade agreement between India and Thailand, he said both the countries were working to expand the current list of 82 items.

He also said a delegation from automobile industry in Thailand would visit India soon and participate in three exhibitions.

V Balaraman, chairman, Consultative Committee of City Chambers, said the business between the two countries had not grown to its full potential since FTA agreement. People in both the countries should become familiar and comfortable on what the other country offers to them.

Paniangvait is part of a high level delegation from Thailand which is on a seven-day visit to India. The delegation is meeting business leaders in Delhi, Chennai and Mumbai and would explore possibilities of collaborations between the two countries in a few sectors that include food processing, tourism, among others.