Speaking after meeting with FTI chairman Payungsak Chartsutipol and his delegation, Deputy Prime Minister Trairong Suwannakiri said that despite the recent political riot, the FTI has seen no sign until now of foreign intentions to shift investment from Thailand to its neighbours.
The FTI also assured him that it would help the government clarify what happened in the recent policy turmoil to boost understanding among foreign investors.
Many believed the clarification made by the FTI would more reliable than that made directly by the government, Mr Trairong said.
Regarding the FTI’s proposed establishment of a Thailand Rehabilitation Fund initiated with Bt10 billion, Mr Trairong said details of the proposal remained unclear and must first be approved by the Joint Private-Sector Committee.
Regarding the Fiscal Policy Office’s revelation that the 74-day political rally by anti-government Red Shirt protesters caused Bt145 billion in damage to the economy, he said the figure is not beyond expectation as he had once estimated damages incurred from the rally would be in a range of Bt100-150 billion or 1-1.5 per cent of the gross domestic product (GDP).
The deputy premier said he was confident the 2011 budget and the investment from the Bt400 billion loan support program under the Thai Khem Keng (Strong Thailand) scheme would be sufficient to revive the battered economy. (TNA)
]]>Industry Minister Chanchai Chairungruang stated that in 2010 the Ministry set the goal of investment support of 500 billion THB, proposed to BOI. With BOI cooperation, all factories would be categorized by its type along with the strict use of environmental measures. All manufacturers needed to arrange for the Environmental Impact Assessment and Health Impact Assessment in every project.
Mr Chanchai said that in the meeting of BOI this 25 January, the Ministry would propose to prolong the Investment Year measure for six months. The measure could help attract foreign investment, as obviously successful in 2009 at 720 billion THB. The investment value had broken the target of 323 billion THB or 80%.
]]>The President of the Thai Traders Representatives said Coca-Cola CEO Muhtar Kent today met with the Prime Minister to discuss the corporation’s interest in increasing investment in Thailand. The company has acknowledged Thailand’s ability to effectively respond to the recent global economic downturn and wishes to step up investments by 1 billion baht per year.
Mr Muhtar informed the PM that a major point in Coca-Cola’s consideration was pricing regulations and excise taxes which currently differed from beverage to beverage, causing what the company saw as unfair standards. The CEO said Coca-Cola was poised to intensify investment in Thailand if the regulations were altered.
The Deputy Prime Minister stated that he had tasked the Foreign Ministry to supply detailed information about India to be used during negotiation in the official visit of Prime Minister Abhisit Vejjajiva this November. He added that this visit would be to officially open trade and investment market in the country and enhance ties between the two countries.
Mr Korbsak elaborated that India was one of the main new targets that Thailand wanted to expand trade, investment and exports. He said there would also be a discussion about the East West Economic Corridor (EWEC) to link Thailand, Myanmar and India together to boost trade and connect all types of transportation.
As for tourism, Mr Korbsak explained that Indian tourists were not worried about situations in Thailand such as the influenza A (H1N1) outbreak or internal political problems. He cited that the number of Indian tourists travelling to Thailand remained high.
]]>BOT Governor Tharisa Watthanaket indicated that Thai Baht appreciated due to a huge inflow of investments, adding that to ease the regulations was aimed to relocate the inflowing investments to offshore markets in an attempt to weaken the Baht.
Mrs Tharisa said Thai Baht at the end of the second quarter this year appreciated 0.06 percent only, comparing to the US dollar currency, while regional currencies went stronger two to four percent. She said the imbalance between Thai Baht and regional currencies resulted in a loss of competitiveness of the Baht.
The Governor of Thailand’s Central Bank said Thai Baht would be weaker once the normalcy of Thai economy and imports was restored.
]]>The BoI office in Seoul will be the 11th such office set up by the government’s investment promotion agency abroad and is aimed to facilitate its conducting campaigns to attract South Korean investors to invest in Thailand and provide vital information to potential investors.
A seminar entitled ‘Thailand Means Business’ will also be held during the visit, with representatives of the Ministry of Industry and the BoI scheduled to confer with South Korean investment agencies and leading corporations in electronics and motor vehicle parts.
Mr. Charnchai said Thailand and South Korea have had long, warm trade and investment relations. Beginning in 1970, joint investment by the two countries total 366 projects with total investment of about Bt55 billion. Most investments are in electronics and electrical appliances.
BoI Secretary-General Atchaka Brimble said the new office in Seoul would help increase South Korean investment in Thailand, particularly in electronics, electrical appliances, vehicles and information technology. (TNA)
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