The ITCC parades 80 times of promoting business.
At a ceremony on Tuesday that celebrated the India-Thai Chamber of Commerce ( ITCC)’s 80th anniversary, the importance of economic relations between India and Thailand was highlighted.
Aloke Lohia, the leader and team CEO of Indorama Ventures Plc, received its” Lifetime Achievement Award” at the ITCC function in cooperation with the Indian ambassador.
The award was given to Mr Lohia for his efforts to Thailand’s economic growth and employment, both professionally as a popular American buyer and tenant and through Indorama Ventures, one of Thailand’s global SET-listed businesses.
In 1987, Mr. Lohia established his household organization in Thailand, becoming one of the top 30 in the world. He stepped up and took charge of the efforts to bring India-Thailand cooperation during that period.
The ITCC, which was established in 1944, supports and strengthens business links between India and Thailand. Registered with the Thai and Indian governments, the room is a critical focal point for organizations from both countries to interact, cooperate, and grow. In addition, the room hopes to promote Indian companies conducting business in Thailand and the other way around.
At Tuesday’s function, India’s adviser to Thailand, Nagesh Singh, emphasised the financial relations between India and Thailand, praising the ITCC as one of Thailand’s oldest international business chambers that is a critical platform for fostering trade and investment ties between the two nations.
He noted that the panel’s contributions are crucial in a globalized and interconnected world and act as catalysts for more extensive and mutually beneficial alliances.
The embassy addressed the state of diplomatic business, pointing out that despite Thailand being the second-largest business in Asean, it ranks as India’s fifth-largest trading partner in the region.
Bilateral trade between the two countries stood at US$ 15.1 billion ( 513.6 billion baht ) in 2023, down from$ 17.7 billion in 2022, signalling the need for enhanced efforts to bridge gaps in understanding and perception.
Mr. Singh cited what he called the” twin deficits” of perception and information as barriers to achieving India-Thailand relations ‘ full potential.
He made the observation that despite the two countries ‘ geographical and cultural closeness, there still is n’t much knowledge about one another’s financial landscapes and opportunities. He urged businesses in India and Thailand to assist in bridging these deficiencies.
In a comprehensive review of India’s financial progress, the embassy described the government’s development as the “greatest test in human history”.
He highlighted India’s accomplishments over the past few years, including the decline of hunger, the increasing of political institutions, and the fast expansion of the economy.
India is now the world’s most populous nation, with over 1.4 billion citizens, a significant portion of whom are fresh and part of a powerful labor.
” India now is the fifth-largest economy in the world, with a GDP of about US$ 4 trillion”, the embassy noted, citing estimates that India will become the third-largest business worldwide by 2027.
He also mentioned that India contributed a sizable amount to the global market by contributing 17 % of the GDP to the previous month.
We are anticipated to account for a five of the global economy’s growth over the next ten years, he said, giving India a unique position in the global economic environment.
” India is doing more and more business than ever,” the statement read. The embassy remarked that it is necessary for our neighbor and dear companion Thailand to do the same.
He underscored the place that closer economic ties may be mutually beneficial, creating a “win-win idea” for both countries.