The Crown Prince, who has been designated by Thai King Bhumibol Adulyadej in granting audience to new Ambassadors for credentials' presentation, referred to the close and friendly ties between India and Thailand while welcoming Wadhwa.
The envoy highlighted the common heritage shared by the two nations, which has given a strong foundation to Indo-Thai ties during modern times.
The trade and political ties between the two countries have been on the fast lane in the last year with regular visits to India by members of the Thai Royal family, including The Crown Prince, Princess Mahachakri Sirindhorn and Princess Chulabhorn.
Prime Minister Yingluck Shinawatra was the Chief Guest at this year's Republic Day celebrations.
During the visit, six agreements to promote cooperation in Defence, Science and Technology and Academic cooperation and Trade and Commerce were signed.
Bilateral trade has shot up in recent years reaching USD 8.2 billion last year and both sides have set the target of doubling it by 2014.
A Bilateral Comprehensive Agreement on Trade, Services and Investments is under finalisation.
People-to-people contacts have been on the upswing with intensification of student and tourist exchanges (nearly one million Indian tourists now visit Thailand each year), sources said.
Both countries are also close partners in regional groups such as ASEAN, ARF, BIMSTEC and Mekong Ganga Cooperation (MGC).
Wadhwa, who assumed duty in Thailand on November 23 last year reassured the Crown Prince of his firm commitment to further strengthen the strong ties between the two countries.