Hyderabad, Apr 12 (IANS): The governments of Telangana and Thailand have agreed to explore trade and investment in key sectors and for development of SMEs and startups through the business incubator and innovation ecosystem.

The Department of Industries & Commerce, Government of Telangana and the Ministry of Commerce, Royal Thai Government have entered into a Memorandum of Understanding (MoU) in this regard.

The agreement is to kick start the cooperation in SMEs and startups through the business incubator and innovation ecosystem 'T-Hub' and 'Thaitrade.com' of Thailand.

It will focus on areas of mutual interest for potential cooperation and collaboration with the aim of promoting trade and investment between both economies.

Both the governments will explore the possibility of potential trade and investments in several key focus sectors, mainly involving agro-based food processing, wood processing and wood based industry.

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

Jayesh Ranjan, principal secretary, ITE&C Department, Government of Telangana and Boonyarit Kalayanamit, Permanent Secretary, Ministry of Commerce, Thailand signed the MoU.

This is the first time that an agreement has been signed between the Ministry of Commerce of Thailand and a state government of India.

The MoU signing ceremony is also one of the special events to celebrate the milestone of the 75th anniversary of diplomatic relations between India and Thailand.