Andhra Chamber of Commerce, Chennai Programme on “Business Opportunities in Thailand” on 14thDecember 2021
According to a recent study conducted by the World Bank, Thailand’s business scenario has improved considerably since 2013 and has been rated the second most promising economy in East Asia. It is also a major export destination.
To help Thailand’s economy develop over the next 20 years, the Thai government adopted an economic model called Thailand 4.0, which is focused on transforming Thailand into a value-based economy built upon science, technology, innovation, and creativity. The government aims to improve its education system and to develop the technological skills of highly educated workers to serve target industry sectors. The target sectors are the “First S-curve” sectors, including next-generation automotive, smart electronics, medical and wellness tourism, agriculture, and biotechnology, as well as the “New S-curve” sectors including robotics, aviation, and logistics, biofuels and biochemicals, digital industries, and medical hubs.
Considering the potential in this country, Andhra Chamber of Commerce organised a Programme on Business Opportunities in Thailand today in a hotel in Chennai. Dr V L Indira Dutt, President of the Chamber welcomed the participants.
Sri R R Padmanabhan, Chairman, Foreign Trade subcommittee of Andhra Chamber of Commerce introduced the session and the Consul General. He moderated the session.
The Consul General of Royal Thai Consulate General Mr Nitrooge Phoneprasert in his address said over the last four decades, Thailand has made remarkable progress in social and economic development, moving from a low-income to an upper middle-income country in less than a generation. As such, Thailand has been a widely cited development success story, with sustained strong growth and impressive poverty reduction.
Thailand ranks 21st in the world for ease in launching a New Business while in the area of Trading across Borders it stands 62nd. This rank is out of 189 world economies. There are many players like TCS, Tech Mahindra etc., who have offices in Thailand.
Mr Nanthapol Sudbanthad, Director of Thailand Board of Investment, Mumbai presented on the investment opportunities in Thailand. The Thailand Board of Investment (BOI) or The Office of the Board of Investment is an agency of the Government of Thailand. Its mission is to promote foreign investment in
Thailand by providing information, services, and incentives to interested foreign investors. The office operates under the aegis of the Prime Minister’s Office. The BOI operates 14 offices in major world cities as well as Regional offices throughout Thailand. In his presentation he said that the Thai Government is giving Tax incentives & exemptions upto 8 years for companies who are setting up units in Thailand. 1-Day Registration Process & Open Company Bank Account in 1 Day, Low Investments and high ROI, Thai people are very peaceful, happy and extremely friendly, Large and adaptable workforce at cheaper cost, Relatively free economy for small & medium businesses. He also said that there is scope for Digital Industry, automotive, auto parts, smart electronics, Pharmaceuticals and Minerals.
Ms.Hataichanok Sivara, Consul (Commercial) & Director (Thai Trade) presented on the Thai Trade Centre and in her presentation she said the Trade Centre is doing online business making for Indian companies with Thailand companies and she asked the participants to register for the same through the website www.thaitradechennai.in.
Ms Kanyawan Suebsing, Vice Consul(Commercial) & Deputy Director (Thai Trade) presented on the Trade Fairs organised in Thailand on various sectors. Trade fairs are organised virtually as well as physically, due to the pandemic. Once when the travel becomes normal, she asked the participants to attend the fairs to explore the opportunities for trade.
Then there was a Q & A session wherein queries were raised by the participants for technology transfer, B2 B meet, Business Delegation etc., for various agricultural products like rice, Moringa and also for Granites etc.,
The programme concluded with vote of thanks by Sri C Nagendra Prasad, Vice President of Andhra Chamber of Commerce.
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