Thailand plans to increase exports of agricultural and food products to India this year as a way to offset the impact of escalating trade wars and the slower growth of the global economy.
Deputy Commerce Minister Chutima Bunyapraphasara said India has high potential for trade and investment, with a population of 1.34 billion that includes 200 million super-rich.
The country also has a massive working population and a growing middle-income segment. Rapid urbanisation means greater demand for goods and services.
Last year, Thailand and India reported two-way trade amounting to US$12.463 billion. Of the total, Thai exports made up $7.6 billion and imports from India were worth $4.863 billion.
Ms Chutima said the government has set a target to increase exports to India by 8% this year to $8.208 billion.
To achieve the goal, the Commerce Ministry will organise a May trade mission to seven states in northeastern India: Arunachal Pradesh, Assam, Nagaland, Meghalaya, Manipur, Tripura and Mizoram.
Trade fairs will be held in Calcutta in March, Mumbai in June and Chennai in August.
The International Trade Promotion Department has also invited Indian giants such as Reliance, Future Group and Paytm to source Thai products on Feb 26 to sell in India.
The Commerce Ministry will encourage Thai small and medium-sized enterprises and medium-sized investors to use privileges afforded by the free-trade agreement between Asean and India and the free-trade deal between Thailand and India.
Such privileges could be especially helpful for exports of agricultural and food products such as rice bran oil, rice milk and vegetarian food.