The Thailand-India Business Council has established plans with GlobalLinker, a networking platform for SMEs, to create a customised platform. Said platform would allow the parties involved to facilitate networking between Indian and Thai SMEs digitally across borders and will also enable them to connect with other GlobalLinker members in Asia for new trade deals.
Through the platform, a new corridor between India and Thailand will be created to connect SMEs, enabling them to strike new trade deals and is estimated to bring more than 40,000 SMEs from Thailand and India onto the GlobalLinker platform.
“Recent data show that trade between the two nations has grown at least 60 per cent since 2016. Thailand is an investment-friendly destination and encourages opportunities from SMEs across sectors,” said Sameer Vakil, Co-founder and CEO, GlobalLinker, adding that Around 25,000 SMEs are going to be benefitted from the partnership.
In 2018, trade between Thailand and India stood at approximately US$12.46 billion with around US$7.6 billion in Thai exports to India and US$4.86 billion in Indian exports to Thailand, according to data available on the Indian and Thai embassy websites. Thailand is also noted to be the fifth largest trading partner of India after Singapore, Vietnam, Indonesia, and Malaysia.
The GlobalLinker itself has over 260,000 SMEs on their platform as it works to digitise SMEs and connect them to other SMEs through the creation of digital business cards, digital business profiles, and digital product catalogues.
India has around 63 million SMEs that contribute a significant 45 per cent share to its manufacturing sector and close to 31 per cent to the services sector. Combined, SMEs in India employ over 110 million workers throughout the nation, according to government data.