Thai entrepreneurs urged to partner Indian startups in fast-growing market
Thai entrepreneurs should join hands with Indian startups to penetrate the fast-growing Indian market, the Department of International Trade Promotion said on Tuesday.
The department's director-general, Phusit Rattanakul Seriroengrit, said startup business in India has continued to grow, thanks to support from the Indian government to stimulate the economy in the long term.
He said the number of Indian startups has increased exponentially from 400 to 70,000 over the past eight years (2014-2022), adding the number is likely to increase further, especially in India's second-tier cities.
“The Indian government organised an event ‘Huddle Global 2022’ in Kerala state on December 15-16 last year which featured seminars on attracting foreign investment to expand the startup businesses there," he said.
He said many countries are interested to invest in India's startup business, especially countries from the Middle East and Europe.
He added that the Indian government is organising “Invest Madhya Pradesh-Global Investors Summit 2023” in the central state of Madhya Pradesh on January 11-12 to promote high-potential Indian startups.
"This is an opportunity for Thai entrepreneurs to join hands with Indian startups to penetrate the Indian market," he said.
Each Indian state has different resources and expertise. For instance, he said Kerala state has expertise in spices and herbs, while Madhya Pradesh has expertise in chemicals and biomaterials.
"Each Indian state has a specific institution which serves as the centre for startup development," he said, adding that specific institutions also connect Indian startups with foreign investors.
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