Mumbai: The Ministry of Commerce is heading to Mumbai to lead entrepreneurs in opening a market for eco-friendly construction and decoration materials. The Ministry of Commerce is continuing its efforts to expand economic cooperation between Thailand and India, organizing a business networking event for environmentally friendly construction and decoration materials. Seventeen Thai entrepreneurs met with Indian businesses to discuss and negotiate trade, investment, and the development of green supply chains together.
According to Thai News Agency, Ms. Supajee Suthamphan, Minister of Commerce, presided over the opening ceremony of the Thai-Indian Business Networking Event at the St. Regis Hotel in Mumbai. Also in attendance were Mr. Wutikrai Leewiraphan, Permanent Secretary of the Ministry of Commerce; Ms. Kirida Paochit, Assistant Minister of Commerce; Ms. Sunanta Kangvalakulkit, Director-General of the Department of International Trade Promotion (DITP); Ms. Sanchawi Pattanachak, Director of the Thai Trade Center in Mumbai, India; and other executives from the Ministry of Commerce.
The Minister of Commerce stated that Thailand and India are neighboring countries sharing a maritime border in the Andaman Sea. Their relationship should therefore be viewed as a "connected regional production base and supply chain," with both countries having complementary economic structures. Thailand imports industrial goods from India, such as gems and jewelry, pharmaceutical raw materials, tea, and spices. At the same time, key raw materials from Thailand are further processed, value-added, and create jobs in India.
Ms. Supajee highlighted India's clear development, progress, and increasing economic opportunities, pointing to India's strong economic growth under stable economic policies and its recognition by the international community. Last year, the value of trade between Thailand and India was approximately US$16.5 billion, with an average growth rate of around 15 percent over the past three years. Thailand is one of the top five sources of intermediate goods for Indian industries, especially rubber and palm oil, and exports of food ingredients and pet food from Thailand to India have also expanded significantly.
The new growth trajectory of Thailand's industrial sector aligns with India's strategies, encompassing areas such as semiconductors, the creative economy, AI technology, digital trade, the pet food industry, and Thailand's development into a medical and healthcare hub. These areas allow for further collaboration and mutual enhancement.
For this event, the Ministry of Commerce brought 17 Thai entrepreneurs from the environmentally friendly construction materials and furniture sectors to participate in business matching with over 50 Indian entrepreneurs who are members of CREDAI, the Maharashtra Chamber of Housing Industry (CREDAI-MCHI), and the Confederation of Indian Industry (CII).
Ms. Supajee emphasized the importance of sustainability and the environment, asserting that it is not just an option but a necessity for all industries for the sake of present and future generations. This business matching event marks a significant start to the year with important cooperation and a continuation of the sustainable growth of Thai-Indian economic relations. 'If we want to go far and go fast, we need to walk hand in hand. India is a strategic partner of Thailand, and our growth must be mutually beneficial and based on sustainable development goals,' she said.