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[george]

Deputy PM Surapong assures US business of sound Thai economy

NEW YORK: -- Thailand's Deputy Prime Minister and Finance Minister Surapong Suebwonglee has assured a gathering of American major mutual fund managers and investors of the Kingdom's economic viability, informing them that the situation has now changed from two years ago when the country was affected by a military coup.

Leading a group of senior executives of four major Thai firms listed on the Stock Exchange of Thailand (SET), Mr. Surapong told the US fund managers and business leaders who oversee 32 significant mutual funds with combined assets of over US$100 billion during a roadshow here that most Thais had become more concerned of their country's economy and wanted to see it become more prospered.

Mr. Surapong reportedly told them that he was confident that Thailand's economy would march forward and people would not allow it to become sluggish as in the past two years when the military seized power and toppled an elected government.

He said the Thai economy is now changed compared to two years ago because the current elected government has issued several short- and long-term measures to stimulate the economy, improving the infrastructure and finding ways to boost people's incomes.

On international investor concerns over rising inflation in Thailand, Mr. Surapong said he had explained to the US business leaders that the Thai government was trying to contain the increases in goods prices.

He also assured them that political parties in the Thai coalition government are now attempting to amend the constitution with an aim to stabilsze politics.

US investors, said Mr. Surapong, responded positively and were confident in the Thai economy, but they also wanted the Thai government to start implementing mega-projects.

He said the Thai capital market development committee is scheduled to meet on April 23 and that he would inform them of foreign investors' recommendations -- including how to further improve the Thai market, increase tax benefits and add more good governance with an aim to attract more foreign investment into the market.

--TNA 2008-04-15