Kolkata, Aug 12 (IANS): After witnessing a steep decline in Indian FDI applications in 2015 owing to its new incentive policy, Thailand is hoping the scenario would change and is expecting to attract increased investments in the automobile and petrochemical sectors, an official said.

"Due to changes in the incentive policy, we witnessed a decline in FDI in 2015. But the situation is improving," Chitra Kulvanich, Executive Director of Thailand's General Administration Bureau, said at an event organised here by the Bengal Chamber of Commerce and Industry.

The decline, which saw the value of Indian investment applications in the Southeast Asian nation plummet to $3.9 million in 2015 from the $69.20 million in 2014, was mainly due to the new investment incentive policy which became effective last year.

"In 2014, we had received Indian FDI applications for 22 projects in a large number of sectors for a cumulative value of $69.20 million. However, in 2015 the value of Indian FDI applications was just $3.9 million with majority of the proposals made in the agricultural products,a she said.

"The fall in FDI applications is because of the new investment incentive policy, which favours projects that employ high-technology, encourage innovation, or strengthen Thailand's role as a regional and international trading hub," Kulvanich said.

She also said that an investors' meet, involving the Asean nations, will be held later in the year in Bangkok to woo investment to the country which has been ranked as number two by the World Bank in terms of ease of doing business.

Consul General of the country Preecha Kaensa said an exhibition will be held in the city to promote Thai food and culture.