HYDERABAD: Telangana and Thailand have agreed to explore trade and investment in important industries, as well as the development of SMEs and startups, through a business incubator and innovation ecosystem.

In this regard, the Government of Telangana's Department of Industries and Commerce and the Royal Thai Government's Ministry of Commerce have signed a Memorandum of Understanding (MoU).

The deal will kick off cooperation in SMEs and startups through Thailand's T-Hub and Thaitrade.com business incubators and innovation ecosystems. It will concentrate on areas of mutual interest for future collaboration and cooperation in order to promote trade and investment between the two economies.

Both governments will look at potential trade and investment opportunities in a number of major focal areas, including agro-based food processing, wood processing, and wood-based industries.

K. T. Rama Rao, Telangana's Industries Minister, and Jurin Laksanawisit, Thailand's Deputy Prime Minister and Minister of Commerce, were virtually present for the signing of the MoU.

The MoU was signed by Jayesh Ranjan, principal secretary, Government of Telangana's ITE&C Department, and Boonyarit Kalayanamit, Permanent Secretary, Thailand's Ministry of Commerce.

This is the first time a contract has been struck between Thailand's Ministry of Commerce and an Indian state government. The signing of the Memorandum of Understanding is also one of the significant events marking the 75th anniversary of India-Thailand diplomatic relations.

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