InfoQuest (September 26, 2019) -- Deputy Prime Minister and Commerce Minister Jurin Laksanawisit led a delegation of Thai businesses to India on September 25-27, during which he noted that Thai government had a plan to meet Indian business operators, such as Mr. Kishire Biyani, president of Food Hall and Big Bazaar in India.
The two retail hypermarket chains are the flagship companies of Future Group' retail division. They are present across 400 cities in India with more than 2,000 outlets and 600 million consumers, and import food valued at 35 million baht from Thailand every year. This is just in the early stage, and we expect to see growth in the future as India is a new market for Thailand.
"Mr. Biyani hoped us to work regularly with the Indian side to hold product events in India, because currently many countries are organizing such events in India, leading to significant sales growth. Mr. Biyani also said that the sales performance of their outlets are excellent, and he hoped that more Thai products besides food could enter the Indian market. Thailand should hold events in this field more frequently, especially promotions for cosmeceuticals, household appliances, furniture, home decorations, etc., instead of being limited to food. This reflects a very promising food and non-food retail market in India, and we will later study which products have potential in the Indian market", said Mr. Jurin.
About 150 Indian enterprises and 30 Thai enterprises are going to attend the seminars to conduct business negotiations. This will be a good start for both sides to expand exports in the future.
On September 25, 2019, the first day of the trade trip participated by senior officials of the Ministry of Commerce and representatives of the private sector saw a trading volume of about 4 billion baht created. Specifically, the Thai Business Association signed a memorandum of understanding (MoU) worth 2.6 billion baht with Indian buyers. Also, the transaction volume exceeded 1.3 billion baht at the business-matching and networking event for the private sectors of the two countries. As a result, more than 4-billion-baht trade volume was realized in a single day of trade negotiations.
On September 26, Mr. Jurin met with Thai companies investing in India. At the meeting, Thai enterprises reported the challenges and obstacles facing their operation and the president of Bombay Industries Association gave an account of the progress of trade negotiations. On September 27, the deputy prime minister attended a seminar on new business and rubber industry opportunities between Thailand and India in Chennai, and held an event to establish business networks during which several memoranda of understanding of commercial value were signed with Southern India.
Source: InfoQuest, by Kasamarporn Kittisamphan / Rachada, translated by Xinhua Silk Road
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