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Wedding tourism presents a significant opportunity to attract foreign direct investment (FDI) from India into Thailand, given the strong business ties between the two countries, according to HSBC.
The bank sees growing FDI potential across Asia, particularly between India and Thailand, supported by the positive momentum in the economic corridor linking the two nations.
Thailand’s strong economic fundamentals, robust infrastructure and skilled labour force are key factors drawing Indian investors, said Hitendra Dave, chief executive of HSBC India, during his recent visit to HSBC Thailand.
Wedding tourism is a key segment offering significant opportunities for Indian investors in Thailand, as the wedding industry is India’s second-largest sector after the IT industry.
Coupled with Thailand’s established strength in tourism, the country has become a favoured destination for Indian weddings.
“The wedding industry in India is massive and drives significant spending. Many Indian couples choose to celebrate their weddings in Thailand, which is a leading destination for international travellers, including Indians,” Mr Dave said.
Given this trend, Thailand has an opportunity to promote its tourism potential to India — especially in the wedding tourism segment — which can help attract greater FDI from Indian investors, he said.
In 2024, Thailand welcomed around 2.1 million Indian tourists, making India the third-largest source of international visitors to the country.
Beyond tourism, Thailand’s financial services sector also draws Indian FDI, especially in areas such as financial innovation and fintech services. India is a competitive player in these sectors and is well-positioned to export its innovations to the Thai market.
Several Thai manufacturing industries also attract Indian investment, particularly in renewable energy. India is a global leader in clean energy and is exploring business-to-business opportunities in Thailand, according to Mr Dave.
He said India’s robust economic growth would create greater opportunities for Thai outbound investment, particularly in sectors where Thailand has strong capabilities such as automotive, electronics, and food and beverage.
“With a total population of 1.4 billion — largely young and increasingly affluent — India is poised to drive consumption and economic growth over the next 10 to 20 years,” said Mr Dave.
According to HSBC, in the first quarter of 2025 India’s GDP grew by 7.4% year-on-year, up from 6.4% in the previous quarter. The bank projects India’s economic growth for the full year to be around 6.5%, making it the fastest-growing major economy globally.
Amid heightened global uncertainties, including those caused by US tariffs, Mr Dave said India offers greater opportunities for Thai businesses seeking new markets. With its strong growth potential, the Indian economy continues to attract FDI from around the world, particularly from Fortune 500 companies.
Giorgio Gamba, chief executive of HSBC Thailand, said HSBC India and HSBC Thailand stand ready to support clients with both outbound and inbound investments under the economic corridor framework between the two countries.
HSBC is also committed to helping clients explore new opportunities amid global uncertainties, he said.
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