Bangkok Bank ready to support Thai businesses venturing into India

The bank is committed to supporting Thai entrepreneurs in their expansion efforts by providing comprehensive financial services and advisory support.

With its robust economic growth and substantial population, India has emerged as a global economic powerhouse. The country's annual growth rate of 6-7% presents significant opportunities for Thai businesses, he said.

"Over the past few years and in the next 5-10 years, it will also be an opportunity for Thai businesses to trade or invest more in India," Chartsiri said. 

Bangkok Bank is ready to support Thai entrepreneurs who want to expand their business to India in terms of consulting, risk management, and financial support, he said. 

"We are committed to being a 'thought partner' that helps Thai businesses adapt and grow strongly and sustainably in this potential market," Chartsiri added.

The bank is ready to provide investment advice, risk management, and trade finance services to help Thai businesses navigate the Indian market.

Nagesh Singh, India’s ambassador to Thailand, acknowledged that there may be misconceptions about India among potential investors. 

"Investors' understanding of India may still be inaccurate and they do not know India yet. Therefore, they do not dare to decide to invest," he said.

However, he emphasised India's strong economic fundamentals and growth potential. 

"India is expected to be one of the five countries in the world that will drive the global economy, indicating that India is attracting attention and will become a rising star country in the region with the availability of resources, technology, labour, and low costs," he stated. 
 

Thailand-India economic ties

Thailand’s Ambassador to India Pattarat Hongtong, highlighted the strong bilateral relationship between the two countries.

"Thailand and India have a long-standing relationship, with cooperation at both the ASEAN level and bilateral partnerships," she said.

She emphasised the potential for Thai businesses in India, particularly in the food and beverage, automotive, and tourism sectors. 

"Thai products and investments are still in demand from India and there are many opportunities to expand the market," she added.

However, Thai investment in India remains relatively low compared to other Southeast Asian countries. To address this, the Thai government is promoting India as a key investment destination and providing support to Thai businesses.

According to Bangkok Bank, key sectors for investment in India include: 

• Food and Beverage: Thai cuisine is gaining popularity in India, and there are opportunities for food processing and export.
• Automotive: India is a major automotive market, offering potential for auto parts and components.
• Tourism: The growing Indian middle class is driving demand for international travel, including to Thailand.
• IT and services: India's IT industry is world-renowned, and there are opportunities for collaboration in this sector.

By leveraging the support of Bangkok Bank and the strong bilateral relationship between Thailand and India, Thai businesses can successfully tap into this dynamic market and achieve sustainable growth, the bank said.