June 5, 2023

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Thailand to increase economic cooperation with India – Asia News

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Indian Ambassador to Thailand Nagesh Singh emphasized Thailand should increase economic cooperation and bilateral relations with India.

The Indian ambassador encouraged Thailand to invest more in India, citing the large size of its market and the dynamism of its economy. He also proposed that the two countries could link their digital payment systems India’s United Payment Interface (UPI) with Thailand’s PromptPay to facilitate transactions.

Singh was speaking at a forum on “India’s Golden Decade” organized by the India-Thai Chamber of Commerce in Bangkok. During the forum, Singh outlined India’s economic performance, saying that India has been one of the fastest growing economies in the world for the past two decades.

Thailand’s Ministry of Commerce has registered a large number of new company registrations

Thailand is India’s fifth largest trading partner after Indonesia, Malaysia, Singapore and Vietnam. Singh suggested increasing investment between the two countries, focusing on sectors such as automobiles, food products and electronics.

The Indian ambassador encouraged Thailand to invest more in India, citing the large size of its market and the dynamism of its economy.

Last year, India overtook the UK to become the world’s fifth largest economy. The country’s GDP will more than double in the next decade from its current value of $3.4 trillion to $8.5 trillion, making it the world’s third largest economy. India is expected to contribute 20% of total global GDP growth during this period, adding $400 billion (13.7 trillion baht) to its GDP each year, second only to the US and China.

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