There is immense potential for investment in various sectors in Thailand, the 17th largest manufacturer and the 24th biggest economy in the world in terms of purchasing power, according to Consul General of the Royal Thai Consulate General Somsak Triamjangarun.
Speaking at a meeting on ‘Investment and trade opportunities in Thailand,’ organised by the Confederation of Indian Industry (CII), here on Friday, Mr. Somsak said: “I visited the SEZ (Special Economic Zone) in the city and am impressed by it. Vizag is very close to Thailand but there is no direct flight connectivity. I will recommend to the authorities concerned for introduction of a direct or a hop over flight from Vizag to Bangkok.”
Director of the Thailand Board of Investment (Mumbai) Kanokporn Chotipal gave a presentation on the sectors that were being given priority by the board for investors from India. She said that some priority sectors would, however, be eligible for total tax exemption, irrespective of the zone in which they were set up. The board was also extending support services like issuing of Visas and work permits and facilitating interaction with government agencies.
Deputy Consul General (Commercial), Royal Thai (Chennai), Tharadol Thongruang, said that Vizag was like his hometown in Thailand. He recalled the historical and cultural links between India and Thailand.
‘Rigid rules’“I am in India for the last 10 years and know how difficult it is to do business in India due to rigid rules. On the contrary it’s very easy to do business in Thailand where you can register your firm and start doing business in 30 minutes to 1 hour on production of your ID and address proof.”
Earlier, in his welcome address Neeraj Sarda, vice-chairman of CII Visakhapatnam Zone, spoke of the tremendous potential for bilateral trade between the two countries.
In his concluding remarks, past chairman of CII R.V.S. Raju referred to the tax concessions for investors from India setting up industries in Thailand and said a lot of concessions would be extended in Vizag for setting up of industries in the changed scenario post-bifurcation.
