India’s ambassador to Thailand, Nagesh Singh, has called on Thailand to deepen economic cooperation and bilateral relations with India. Speaking at “The Golden Decade for India” forum organized by the India-Thai Chamber of Commerce in Bangkok, Singh urged Thailand to increase investments in India, citing the country’s large market size and dynamic economy.
To facilitate transactions, Singh proposed that both countries link their digital payment systems, India’s United Payment Interface (UPI), with Thailand’s PromptPay. He emphasized that this move would further strengthen trade relations between the two countries.
Singh highlighted India’s economic performance, stating that India has been one of the world’s fastest-growing economies for the last two decades. He called for increased investment between the two countries, with a focus on sectors such as automobiles, food products, and electronic goods. Thailand is India’s fifth-largest trading partner within the bloc, behind Indonesia, Malaysia, Singapore, and Vietnam.
India’s economy is experiencing rapid growth, and it is projected to double from its current value of $3.4 trillion to $8.5 trillion over the next decade, making it the world’s third-largest economy. Singh noted that India is expected to account for 20% of total global GDP growth during this period, adding over $400 billion (13.7 trillion baht) to its GDP every year, second only to the US and China.
The call for deeper economic cooperation between India and Thailand comes at a time when both countries are focusing on economic growth and development. With India’s booming economy and Thailand’s strategic location, increased investment and bilateral relations between the two nations could prove beneficial for both sides.