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'Thailand Investment Years' aimed at foreign investors

Suwit: Investment Years will build strong foundation

BANGKOK: -- Foreign investors should have confidence in Thailand's economy, because even though any changes in politics could happen, they would not affect the overall economy, according to Deputy Prime Minister Suwit Khunkitti. ''Thailand needs business, we want you to join us,'' Mr Suwit said in his keynote address yesterday at the Euromoney Thailand Investment Forum.

''Political upheaval is seen in every country, but the Thailand Investment Years policy is here to stay. Investors can be sure to enjoy extensive benefits despite political alteration.''

Thailand Investment Years 2008-11, a scheme created by the government, aims to promote investment among foreigners and locals, with a target of US$100 billion worth of new ventures.

''Thailand has high economic growth on the strong fundamentals. Our current foreign reserves stand at US$109.7 billion. This is reflected in our economic stability,'' said Mr Suwit, who is also the industry minister.

In 2007, the Board of Investment approved privileges for investment projects worth US$25 billion, almost double the 2006 total, despite political uncertainties.

In the first quarter this year, the minister said, private investment rose 7% with private consumption up 5%.

He foresees a strong economic figures in the first half of the year, saying that growth would be supported by export value increases in US dollar terms by 20.8% from the previous year.

Discussing inflation concerns as a result of volatile oil prices, Mr Suwit said he was optimistic that the inflation rate of 5.3% was lower than in other countries in the region, adding that many analysts still believe that inflation will be under control and will ease in the later half of this year.

He also boasted that Thailand had a good portfolio of competitive industries, such as hard disk drive makers and automobiles, while the farm sector is the region's leader in the export market.

The amendments to the Foreign Business Act, he added, would help the country to be more pro-investment, with more efficiency in visa renewals and BoI procedures.

He noted that the World Bank's Ease of Doing Business Report 2008 ranked Thailand 15th on a list of 178 countries, adding that under the Greater Mekong Subregion co-operation alone, investors could benefit from a population of 400 million.

Supported by the Asean free trade plan, the region would become an economic community by 2015 where a free flow of goods, people and services would make Asean more attractive to investors.

He said the government planned to spend US$66 billion on infrastructure by 2011 to improve mass transit, logistics systems, especially the dual-track rail network.

Out of this budget, $26 billion would be spent on energy sector development.

-- Bangkok Post 2008-05-14