EEPC India will organise the Indian Engineering Exhibitions (INDEE), an annual event that is set up in different locations around the world, from June 23-26 at Bangkok International Trade and Exhibition Centre.
Indian companies are putting more emphasis on exporting engineering products, particularly in the automotive industry, and also establishing factories in Thailand as part of the country’s plan to explore opportunities in Asean countries.
Bhaskar Sarkar, additional executive director and secretary of the Engineering Export Promotion Council in India (EEPC India), yesterday said many Indian companies in this segment, particularly manufacturers supplying the automotive industry, were seeking an opportunity to invest in Thailand as a gateway to other Asean countries.
The engineering products include auto parts, machinery and instruments.
Asean countries have roused Indian interest to export engineering products and set up manufacturing facilities as the region is set to become a single market under the Asean Economic Community. This will boost bilateral trade between India and Asean countries, including Thailand, under the IndiaAsean Free Trade Agreement.
Engineering products are the biggest contributors to India’s total export income. Last year, Indian companies exported engineering products worth about US$60 billion (Bt1.8 trillion), an 85percent growth from 2009. The Indian government is targeting exports of $125 billion by 2016. The three main markets are the United States, the European Union and Asean. Exports to Asean are expected to account for 20 per cent of the target or about $25 billion, Sarkar said.
EEPC India will organise the Indian Engineering Exhibitions (INDEE), an annual event that is set up in different locations around the world, from June 23-26 at Bangkok International Trade and Exhibition Centre. The exhibition is part of India’s efforts to expand its engineering products business into Asean countries.
Sarkar said the event would be useful for both Thai and Indian companies. Thai companies could scout opportunities to invest in the automotive industry in India or export products to the country.
Bilateral trade between Thailand and India last year was worth $6.9 billion, with Thailand enjoying a trade surplus.
Sarkar said Thai autoparts makers did not need to worry about Indian companies in this segment as both sides have an opportunity to penetrate other markets.
INDEE was last organised in Thailand 30 years ago. After successfully holding the exhibition in other countries, India has decided to hold it again in Thailand. It believes that this is the right time to focus on the Thai market again, Sarkar said.
Deepak Mittal, chairman of the Trade Policy Committee of the Board of Trade of Thailand, said INDEE would enhance business collaboration between Thai and Indian companies. Both sides have to take time to build the business relationship and decide to do business together, so it is difficult to estimate the expected investment or trade value between the two countries right now, he said.
Chainarong Limpkittisin, managing director of Reed Tradex, the organiser of the INDEE, said about 1,500 exhibitors from 30 countries would participate in the event. The company expects 42,000 visitors to attend the exhibition.