Thailand plans to open its first India regional office in Mumbai with an eye on wooing Indian investors and increasing its economic presence in the country.
Thai government officials along with the board of investment and business delegates are in Delhi to participate in the India-ASEAN commemorative summit. Thailand is eyeing investments in agro-processing, electronics and electrical appliances, construction, hotels and service sectors.
"Our business delegates are here to do a feasibility study on sustainable and long-term investment in India's medium and large sector, whereas we are desperate to have FDI (foreign direct investment) from India back home," Thailand's industry minister, Prasert Boonchaisuk said.
Indians top tourist visitors to Thailand, but Thailand's investment into India totalled only $95 million in more than a decade. The Thai Business Forum is on an investment scouting exercise. Taxation, import duty, bureaucracy, labour laws, currency exchange, clearance period of proposals and centre-state functioning are the key areas where the Thai government wants to have a clear information from its Indian counterparts.
"We'll have meetings with the prime minister and higher authorities on these issues and we need more information on Indian regulations and procedures of overseas investments," Boonchaisuk said.
He said Thailand wants to strengthen its age-old relationship with India.