Bangkok Bank backs bold India expansion for Thai businesses

Thai businesses have their sights set on India’s booming market, and Bangkok Bank is rolling out the red carpet to support this promising venture. With an eye on India’s rapid economic growth and vast population, the bank’s president, Chartsiri Sophonpanich, calls it “a golden opportunity” for Thai entrepreneurs eager to expand.

India’s economy is powering ahead at an annual growth rate of 6 to 7%, and Bangkok Bank sees this as a gateway for Thai businesses to thrive.

“Over the past few years, and likely for the next five to 10, India will remain a prime market for Thai businesses to trade and invest.”

The bank aims to provide essential services like consulting, risk management, and trade finance, offering Thai companies a comprehensive toolkit to navigate India’s market challenges and opportunities.

“We are committed to being a ‘thought partner’ that helps Thai businesses adapt and grow strongly and sustainably.”

India’s ambassador to Thailand, Nagesh Singh, addressed hesitations some investors might have, noting that investors’ understanding of India may still be inaccurate. He highlighted India’s strong fundamentals, positioning it as one of the five countries that will drive the global economy. Singh also pointed to India’s rich resources, technological advancements, and competitive costs, calling India “a rising star” in the region.

Thailand’s ambassador to India, Pattarat Hongtong, echoed the sentiment, stressing the long-standing ties between the two nations. She highlighted key sectors ripe for Thai investment: food and beverage, automotive, and tourism.

“Thai products and investments are still in demand from India, with many opportunities to expand the market.”

Bangkok Bank is committed to bolstering Thai businesses, guiding them to make the most of India’s vibrant market through well-informed decisions, strategic planning, and a robust support system, reported The Nation.

In related news, in a major move sure to excite Indian travellers, Thailand has indefinitely extended visa-free entry for Indian tourists, allowing them to stay for up to 60 days.