March 1, 2024
BANGKOK – Parnpree, who is also Deputy Prime Minister, has been in India since Sunday to meet with local authorities and business leaders and is scheduled to return to Thailand later today (February 28).
He said that mutual investment opportunities were discussed during the meeting of the Thailand-India joint committee on economy and commerce, with both sides looking to increase trade and investment value to US$ 35 billion (1.25 trillion baht) by 2027. One of the measures to achieve this goal is to eliminate import obstacles and negotiate more free trade agreements to allow Thai and Indian products to enter each other’s markets with ease, he said.
Parnpree also pitched the Thai government’s Land Bridge project to Indian investors, who promised to look into the feasibility of the project. The two sides will also explore opportunities to integrate the project with India’s marine economy under the 7-nation BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation), of which Thailand is also a member.
The Land Bridge project involves the construction of deep-sea ports in Chumphon and Ranong provinces and railway and highway links between the two ports, connecting the Gulf of Thailand and the Andaman Sea. The mega-project is estimated to require 1 trillion baht in investments.
Parnpree told Indian business leaders that the Thai government is interested in investing in such key industries as automotive, solar energy, and green hydrogen, in which India is a regional leader in terms of high technology and skilled personnel.
Parnpree also proposed a measure to waive the visa requirement for Thais visiting India to promote tourism. He cited the success of the Thai government’s visa-free campaign that has been implemented since September last year, beginning with a 5-month visa exemption for visitors from China and Kazakhstan, followed by India and Taiwan in November, which will run until May 10 this year.
India’s Foreign Minister responded that he would consider the proposal. If India were to accept the deal, Thailand would be the first country ever to be granted a visa waiver, Parnpree said.