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Journalism of Courage
A Thai delegation led by Deputy Prime Minister Korbsak Sabhavasu is touring through India today and tomorrow,touting the anticipated expansion of the Thai-Indian bilateral Free Trade Agreement. Coupled with the ASEAN-India Free Trade Agreement signed on August 14 in Bangkok,the FTA is expected to bump trade volume between the two countries up to $10 billion by 2011. Thailand is hopeful that the extensive potential for growth in the Indian economy will spill over and salvage Thailands economy where growth has remained stagnant for the last two years.
If you look as Thailand as a company,all of our customers are gone, Subhavasu said during a business forum organised by Ficci. There are things Thailand and China cannot copy from India; your doctors,your engineers. All India needs is infrastructure,that will come.
Thailands growth rate is expected to show a deeper recession,falling from 2.6 per cent in FY 2008 to as low as -3.5 per cent in FY 09,before climbing out to 3.7 per cent in FY 10. Indias 2008-2009 economic survey estimated growth around 6.7 per cent for FY08. The FY09 growth is expected to fall to 5.4 per cent,increasing to 6.4 per cent in FY 10,according to the IMF. In 2008,India imported $3.4 billion in Thai resources while exporting just over $2.6 billion. Greater demand for television sets and partially finished metals for infrastructure improvements in India along with more gems,jewellery,iron and steel called-for in Thailand will push trade volume and help jump-start Thailands stagnant economy.
I believe that Indias Look East Policy and Thailands Look West Policy would help in improving the economic relations between the two nations, said Subhavasu.
