Finance Minister Aims To Attract More Foreign Investment

[george]

Finance minister aims to attract more foreign investment

LONDON: -- Thailand's Deputy Prime Minister and Finance Minister Surapong Suebwonglee on Thursday set a target to increase investment weight by British, European, and American investors in Thailand to one trillion baht within two years.

The deputy premier set the target during his road show here in which he and a team of top executives of listed companies met and discuss with over 50 British and European investors and fund managers.

Should the investors receive accurate information on investment in Thailand, he said, they would increase the investment weight in the country to one trillion baht in the next 1-2 years.

He said the investors responded positively to the road show since government representatives and executives of listed firms participated to give them information openly and sincerely so that they could analyse it before deciding to raise investment in the Thai stock market.

“Foreign investors are happy if they are given an opportunity to get information from experts directly and enquire about issues they are unclear. We give them information directly and frankly,” he said.

Mr. Surapong reiterated the government would accelerate investing 1.5 trillion baht in mega-projects, particularly the construction of electric mass transit rail routes, which is key to stimulate the private investment and drive the overall economy.

He affirmed the electric train project would get off the ground as originally scheduled because the government hoped to count on the mega-projects to stimulate the economy.

He said the government would implement the projects with the strict monetary and fiscal discipline.

Regarding a political conflict on the proposed constitution amendment, he said the investors viewed it as a normal difference of views in the democratic system.

The deputy premier said he also assured the investors of the government’s move to accelerate the constitution amendment process to ensure political stability.

Pichai Chunhavajira, senior executive vice president of PTT Plc, said most investors had enquired about the political situation and the government’s policy to stimulate consumption and investment. They paid much attention to the planned construction of mega-projects which they viewed would help boost confidence.

Wasan Paileeklee, president of Thailand's state-owned broadcast company MCOT Plc, said foreign investors were interested in enquiring the company’s future plan and strategy since they viewed the firm had strong financial position and offered high dividend yields.

He said he had assured the investors of the company’s better performance in the first quarter of this year and its projection of 15 per cent growth for this year.

--TNA 2008-04-17