Bangkok Bank inspires Thai businesses to adapt to new investment opportunities in India by advising them to plan carefully

Bangkok Bank invited Indian economic and business gurus to join "The Next Strategic Move: India" seminar to inspire Thai entrepreneurs to prepare for new opportunities in the Indian market. The secret to confidently entering the market is to plan carefully, have reliable local partners, understand local systems, and study laws and taxes accurately. Bangkok Bank believes that market opportunities are still wide open, emphasizing the Bank's status as a 'leading regional bank' ready to support Thai businesses by opening doors to India.

Bangkok Bank Director and Senior Executive Vice President and Corporate Secretary Kobsak Pootrakool said that the Bank was honored to have experts on economics and investment in India from various agencies and organizations to join "The Next Strategic Move: India" seminar to pinpoint interesting investments in India - a market that will offer great opportunities going forward. Now is an important time for Thai businesses to start setting strategies and looking to the future to fully grasp the opportunities available.

"India today is like China a decade ago, when only a few people saw the potential. Those who were the first to adapt and reach the market back then are the ones who benefit the most today. India is now a great opportunity waiting for Thai businesses to do business, but they need to understand the people, culture and laws. In addition, there is no need to rush as it requires both patience and time. I believe that in the next 10-20 years, India will create enormous wealth with its growing middle class which will increase dramatically and lead to enormous spending," said Mr. Kobsak.

He also said that as "a trusted partner" to the business sector, Bangkok Bank is ready to support Thai entrepreneurs with loans. In addition, as "a leading regional bank," it can provide export guarantees to ensure credibility of our customers, facilitating smooth business operations. He said that now is a good time to do business in India. The benefits of doing business with India are not limited to investment or exports to India. But Thailand will also become a gateway to ASEAN, attracting Indian investment and tourists to Thailand. Currently, there are about two million Indian tourists visiting Thailand per year which could potentially increase to 20 million in the future.

Group Chief Executive Officer and Executive Director of Indorama Ventures Aloke Lohia shared his personal experiences about the challenges and opportunities of doing business in new markets. He said that Indorama's first investment in Thailand in the late 1980s started with a revenue of only 5 million US dollars, which has now grown to over 15 billion US dollars. The decision to invest came with challenges such as adapting to the culture and language barriers. Similarly, entering a new market like India requires careful planning due to its complexities. Entrepreneurs need to have a long-term plan to navigate the complexities of the Indian market. Building reliable relationships and networks in the local area is crucial, as it helps to reduce these complexities and significantly increases growth opportunities.

Mr. Aloke also highlighted opportunities in India's retail and e-commerce industries, and the growing middle-class consumer market in India. Additionally, India also has economic advantages such as the GST system which reduces tax burdens, and incentives from various Indian states aimed at promoting investment. By choosing the right area and setting clear goals, India can meet expectations and generate worthwhile returns.

Dr. Janmejaya Sinha, Chairman-India, Boston Consulting Group and Member of BCG's said India's demographic structure with a growing middle class is an important factor driving the expansion of the wellness, healthcare, and tourism industries.

"India is undergoing major economic and cultural changes, and the emphasis on health and beauty care and the access to high-quality services are clear trends in this market. Thailand is considered one of the countries with the best service standards in the world, especially in the tourism industry. This strength can serve as a good model for the development of the tourism industry in India. In addition, Thailand's expertise in services can be further expanded to promote growth in related industries in the Indian market," said Dr. Janmejaya.

He also added that manufacturing sectors in India, such as electronics and chemicals, received continuous support from the government. This makes it an opportunity for entrepreneurs looking for long-term investment areas. The GDP growth was forecast to grow from the current 3.6 trillion US dollars to 7 trillion US dollars or double that by 2030, reflecting that India is a market with great potential for all industries.

H.E. Mr. Nagesh Singh, Ambassador of India to the Kingdom of Thailand said India's regional diversity, which includes both small and large states with bigger populations than many other countries, as well as cultural complexity, are factors that entrepreneurs must consider. It is necessary to have patience and understanding of the local system, a reliable partner and a deep knowledge of the market that will help businesses run smoothly.

He also advised entrepreneurs to research the right states for investment as different states in India have different incentives and offers such as West Bengal and southern states that have the infrastructure to support them.

"India is like an elephant that takes time to learn and build relationships. But once the elephant starts moving, the opportunities are bigger than you can imagine," said the Indian Ambassador to Thailand.

In addition, H.E. Ms. Pattarat Hongthong, Ambassador of Thailand to India, shared insights on the fast-growing food, pets and cosmetics market in India, especially among the middle class. Thailand has shopping malls in major Indian cities such as Delhi, Chennai and Mumbai, which can help Thai entrepreneurs to expand their markets effectively.

She stressed the importance of studying regulations such as obtaining food import permits that require inspection by bodies like the Food Safety and Standards Authority of India (FSSAI) and developing promotional strategies to compete in the market.

"With proper preparation, these industries can be a significant opportunity for Thai entrepreneurs to expand their business in the region," Ms. Pattarat concluded.