During 8 to 14 of August 2010, the BOI organized its latest mission to Chennai and Mumbai, comprised of BOI officers, led by Dr. Bonggot Anuroj, Executive Director of the BOI Investment Marketing Bureau, along with representatives from six Thai companies. The purpose of this visit was to strengthen investment and business collaboration between the two countries, with a focus of this trip on automotive parts, machinery, metals and rubber products.

In Chennai, the largest city in the southern part of India, the group visited one Indian and two foreign affliated companies in order to learn about business practices and to explore opportunities for business collaboration. The highlight was investment cooperation and business match-making with members of the India-ASEAN Sri Lanka Chamber of Commerce and Industry (IASLCCI), where 17 participants turned up, and an equal number of one-on-one meetings were expected to lead to more buying and selling of goods, as well as joint ventures in the future. Mr. Tajtai, Acting Consul General in Chennai, also participated and gave special remarks welcoming the group.

The IASLCC is the BOI strategic partner in Chennai in organizing investment and business collaboration related activities.

The group also visited Mumbai, the fnancial and business capital of India and participated in two business match-making events.

One of these events was co-organized by BOI and the Indian Merchants’ Chamber, and arranged for 14 one-on-one meetings, and another was with the Federation of Indian Exports Organization, where an additional 31 meetings were held.

Two additional companies joined the BOI group in Mumbai, making the total number into eight companies. Half of these companies were visiting India for the frst time and recognized the immense opportunities that the local market in India offered. This year, the International Monetary Fund forecasted that India will grow by 9.4%. That makes India one of the fastest growing emerging markets.

While Thai land ranks fourth among ASEAN countries investing in India, after Singapore, Malaysia and Indonesia, 15 Indian projects applied to the BOI in 2009 for investment promotion, reaching 4,660 million baht, or approximately US$144.3 million. In the frst seven months of 2010, the BOI received 6 applications, totaling 1,526 million baht, or US$47.20 million baht.

According to Dr. Bonggot, the BOI set up its India Desk in 2005, which later was expanded to include other South Asia countries. The BOI aimed to promote two-way investment flows between the two countries, with target areas for Thai investment being auto parts, electronic parts, food and service businesses, such as construction and real estate.

Since the last decade of the 20th century, India has been increasing its “Look East” policy that has led to increased trade with Southeast Asia and with ASEAN in particular, with an India- ASEAN Summit meeting taking place in 2002, and another to be held to mark the 10 year anniversary in 2012. At the beginning of this year, a free-trade agreement between India and ASEAN took effect, which will reduce tariffs, and eliminate tariffs on 4,000 goods by 2016.

With ASEAN being India’s fourth largest trading partner, there is considerable room for expansion of Indian investment in Thailand and enlarged Thai investment into the Indian market.

The BOI will continue to play its part in encouraging this mutually beneficial trade and investment, and believes that this vast potential will be tapped by those forward looking companies with the drive for success.