BOI Secretary General Mr. Udom Wongviwatchai said that India is one of Thailand’s target countries for investment promotion under the BOI’s new policy. India’s economy is the world’s 10th biggest and Asia’s 3rdbiggest after China and Japan.
BOI investment promotion services in Mumbai will not only convince investors to invest in Thailand, but also encourage potential Thai investors to do business in India. India has various industries that match Thailand’s investment promotion goals, such as auto parts, software, chemicals, and pharmaceuticals.
In the meantime, India is ready to support investments from Thailand, especially in the agriculture and agro industries, vehicle parts, electrical appliances and electronics, construction, energy business, real estate and hotels.
“We’re confident that the beginning of services here will encourage more investments from India to Thailand and encourage potential Thai investors to expand their businesses to support the huge demands of the Indian market. It will also provide a chance for Thai investors to expand their businesses into countries that are neighbors of our two countries,” said Mr. Udom.
From 2007 through 2012, 114 projects by Indian investors were approved and received promotional incentives from the Thailand Board of Investment with a total investment value of 30,203 million baht. Large-scale projects are Aditya Birla Chemicals (Thailand) Ltd., a rayon manufacturer; Apollo Tyres Ltd. (Thailand) that manufactures radial tires; the N.T.S. Steel Group Plc., that manufactures raw steel products and semi-finished and finished steel products; Polyplex Ltd., that produces pet resin and polyester film; Indorama Holdings Ltd., that manufactures wool yarns; Bharat Hotels Ltd; Tata Motor Ltd., which manufactures trucks, etc.
Large-scale Thai companies that operate businesses in India include ITD Cementation India Ltd.; Charoen Pokphand Foods Plc; the Siam Cement Group (SCG); Pranda Jewelry Plc.; Thai Summit Auto Part Industry Co., Ltd.; the Pruksa Group, etc.