A Memorandum of Understanding has been signed between the Department of Industries and Commerce, the Government of Telangana, and the Ministry of Commerce, the Royal Thai Government.
KTR, the Telangana State Industries Minister, and H.E. Jurin Laksanawisit, the Deputy Prime Minister and Minister of Commerce of Thailand, attended the MoU in virtual presence.
Among the signatories were Mr Jayesh Ranjan, Principal Secretary, ITE&C Dept., Govt of Telangana, along with Mr Boonyarit Kalayanamit, Permanent Secretary, Ministry of Commerce, Thailand.
The Ministry of IT, Industries, MA & UD, Telangana, shared the news of the event on its Twitter handle and said the Department of Industries & Commerce, Government of Telangana, and the Ministry of Commerce, Royal Thai Government, signed a Memorandum of Understanding today.
The Department of Industries & Commerce, Government of Telangana & the Ministry of Commerce, Royal Thai Government entered into a Memorandum of Understanding today. pic.twitter.com/2CcxGN1VVw
— Minister for IT, Industries, MA & UD, Telangana (@MinisterKTR) April 11, 2022
The purpose of the MOU is to facilitate and kick-start cooperation between Thailand and Telangana State through the establishment of a business incubator and innovation ecosystem, T-Hub, and ThaiTrade.com, with the aim and focus of promoting trade and investment between the two countries.
The website or digital platform of each participant, such as thaitrade.com for Thailand’s Commerce Ministry, or the Telangana State GlobalLinker will also be linked. This would aim to connect start-ups and SMEs to the global community, so as to help them grow beyond their local boundaries.
There will be a potential for trade & investment between both governments, mainly involving agro-based food processing, wood processing, and wood-based industries.
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Furthermore, Telangana will support Thai investors in obtaining approvals to set up facilities in the Indian state, while Thai entrepreneurs will strive to maximize local employment and local procurement for their manufacturing and service industry units and work with Telangana to establish forward and backward links.
Signing the MOU is equivalent to a signature. It is the first time ever between the Ministry of Commerce and the state government of India. In celebration of the 75th anniversary of diplomatic relations with Thailand, the MoU signing ceremony is also among the special events with Thailand.
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