As the glamorous Bangkok night unfolded at the illustrious Bangkok Marriott Marquis Queen’s Park Hotel, the air buzzed with anticipation and camaraderie. The evening was special—not just for the vibrant banquet that lay ahead but for the celebration of a momentous milestone: the 80th anniversary of the India-Thai Chamber of Commerce (ITCC). Illuminated by elegant chandeliers, the gathering was a testament to the enduring and prospering relationship between India and Thailand. Prominent dignitaries adorned the occasion, among them, Sushil Kumar Dhanuka, the president of ITCC, Nagesh Singh, the Indian Ambassador to Thailand, Srettha Thavisin, former Prime Minister, Wan Muhamad Noor Matha, the House President, Anutin Charnvirakul, the caretaker Deputy Prime Minister and Interior Minister, and Chadchart Sittipunt, the Bangkok governor. Captured in vivid photographs by Varuth Hirunyatheb, the evening was a mélange of history and future aspirations.
But what stood out the most was the distinguished “Lifetime Achievement Award” presented to a titan of the industry, Aloke Lohia, founder and group CEO of Indorama Ventures Plc. For seasoned observers and enthusiastic newcomers alike, Lohia embodies the dynamic, historical relationship between India and Thailand. Having arrived in Thailand in 1987, Mr. Lohia transformed a family business into Indorama Ventures, now one of the world’s top 30 global chemicals leaders. His leadership and vision have not only galvanized the company but also served as a cornerstone for the ITCC and India-Thailand relations.
Established in 1944, the ITCC continues its mission of fostering and enhancing trade relations between these two vibrant nations. Specifically registered with both the Thai and Indian governments, the chamber acts as an indispensable pivot for businesses from both countries to connect, collaborate, and skyrocket their potential. It remains committed to simplifying the route for Indian entrepreneurs diving into the Thai market and vice versa. The affinity between India and Thailand stands tall on this pillar.
A jubilant atmosphere set the stage as India’s ambassador to Thailand, Nagesh Singh, delivered a compelling address that underscored the indispensable economic ties binding the countries. He accentuated ITCC’s role as one of Thailand’s oldest foreign trade chambers—a crucial platform for nurturing trade and investment between India and Thailand. In an era of globalisation and digital connectivity, the chamber’s contributions are instrumental in forging deeper, mutually advantageous partnerships.
Zooming in on the economic metrics, the ambassador highlighted the enviable yet humble position of Thailand in India’s economic landscape. Despite being ASEAN’s second-largest economy, Thailand ranks only as India’s fifth-largest trading partner in the region. Alarmingly, the bilateral trade between the countries took a slight dip, with numbers sliding from $17.7 billion in 2022 to $15.1 billion in 2023. These figures spotlight the imperatives for bridging gaps in understanding and drastically improving the perception of economic opportunities on both sides.
Mr. Singh candidly addressed these “twin deficits”—information and perception—that hinder the full realization of India-Thailand economic potential. He highlighted the curious paradox that despite geographical and cultural proximities, both nations often remain unacquainted with each other’s economic milieus and possibilities. Encouragement rang in his call to Indian and Thai business communities to actively bridge these gaps.
Diving deeper into India’s glittering economic journey, the ambassador painted a vivid tableau of the nation’s phenomenal transformation. Terming India’s developmental strides as the “greatest experiment in human history,” he spotlighted the dramatic downturn in poverty rates, burgeoning democratic institutions, and rapid economic expansion. Today, with a populace exceeding 1.4 billion and a dynamic, youthful workforce, India stands as the world’s fifth-largest economy, boasting a GDP of approximately $4 trillion. As per projections, this robust economy is set to escalate to the third-largest global economy by 2027.
In a crescendo of optimism, Mr. Singh extolled India’s profound impact on the global stage, with the nation contributing an astounding 17% to global GDP growth in the previous year. “We are expected to account for a fifth of total global economic growth during this decade,” he affirmed, bolstering India’s position as an indispensable player in the international economic arena.
Amid the grandeur of the evening, his words resonated as both a reminder and a call to action: “The world is doing more and more business with India. It is imperative that our neighbour and dear friend Thailand does the same.” He championed the notion that strengthened economic ties are not just beneficial but pivotal, weaving a narrative of a promising “win-win prospect” emblematic of deeper, synergistic collaborations.
As the evening’s formalities gradually gave way to mingling conversations and celebratory toasts, there was no mistaking the shared optimism for a future where India and Thailand not only coexist but thrive together. A shared vision saw the guests depart, mindful, optimistic, and excited about the collaborative possibilities lying ahead.
Aloke Lohia absolutely deserves this recognition. His transformation of Indorama Ventures is breathtaking!
True, his vision and leadership are commendable. However, it’s also vital to recognize the collective efforts of his team.
Right, leaders get the spotlight, but it’s the team that powers the engine.
But without visionary leaders like Lohia, many of these teams might remain directionless.
Isn’t Indorama Ventures part of the plastic pollution problem, though? Should we really be celebrating this?
Fair point about the environmental impact, but they’ve also pioneered sustainable practices. It’s a balance.
We need to focus on long-term sustainability, not just quick accolades.
It’s amazing to see the ITCC fostering such strong relations between India and Thailand. Truly a model for international cooperation.
Yes, but the dip in trade from $17.7 billion to $15.1 billion shows there’s still a lot of work to be done.
Totally. Numbers don’t lie. We must bridge those economic gaps with more comprehensive policies.
India-Thailand relations are really crucial in today’s global economy. But do both countries perceive this equally?
I doubt it. Many in Thailand see India as a competitor rather than a partner.
It’s all about perception. Media and government need to do more to foster mutual understanding.
It’s astonishing to hear about India’s economic growth. Soon it’ll be the third largest economy, wow!
True, but there are still major challenges like poverty and corruption that could derail this progress.
Growth is not just about numbers. It should be inclusive to uplift everyone, not just a few.
Nagesh Singh’s speech was inspiring. It shows how much potential there is for deeper collaboration.
Agreed, but these collaborations need to be more than just talks at fancy events. We need actionable policies.
Absolutely. Real change happens with grassroots initiatives and business-level collaborations.
Thailand’s position in India’s economy is quite low for such close neighbors. They really need to ramp up their engagement.
True, ASEAN is a complex region and Thailand must be more aggressive in its trade policies.
This event seems like a fascinating convergence of history and future aspirations. Kudos to ITCC!
Absolutely, a great example of how historical ties can inform modern economic strategies.
But how many of these ‘aspirations’ actually translate into effective ground-level policies?
Why isn’t Thailand a bigger trading partner with India, despite being the second-largest ASEAN economy?
It’s mainly due to historical trade ties with other ASEAN countries. India needs to strengthen its bilateral agreement with Thailand.
It’s high time that trade between India and Thailand gets a significant boost. Both economies can benefit immensely.
Absolutely, the synergies are evident. More collaborations in tech and manufacturing can be game-changers.
Let’s hope these collaborations don’t just remain on paper and see actual implementation.
Hats off to Nagesh Singh for painting such a vivid picture of India’s economic journey. Truly inspiring!
I think the real take-away is the focus on ‘win-win’ collaborations. That’s the future of international relations.
The event seems splendid, but I hope they discussed real issues rather than just celebrating an anniversary.
Both nations need to work on reducing the ‘twin deficits’ of information and perception. Without them, trade can’t flourish.
Engaging event, but words must translate into actions. Bridging economic gaps needs real policy change.