Lasting impact seen on foreign confidence

By Petchanet Pratruangkrai

The Nation

BANGKOK: -- This week's mayhem in the capital will have serious consequences in terms of foreign-investor sentiment, Joint Foreign Chambers of Commerce in Thailand chairman Nandor von der Luehe said yesterday.

"This is very dangerous, as there will be underground rioting aimed at creating further turmoil around Bangkok. The government must ensure it can control the situation very soon, to minimise the impact," he said. Von der Luehe said he understood the turbulence was causing some foreign firms to consider withdrawing their investments.

RESTORATION

He added this was not the time for the government to announce promotions or plans for restoring confidence, but rather it should concentrate on restoring peace to the country.

National Thai Shippers Association (NTSA) president Paiboon Ponsuwanna said the Kingdom's economic growth would definitely suffer long-term harm from the political chaos. All business transactions have been suspended, due to bank closures.

However, he said Thais and others must not lose hope, but rather remain optimistic and help restore normalcy. Businessmen and others must be patient while waiting for the situation to settle down.

The NTSA will hold a meeting next week to estimate loss and recovering plan for the business.

Department of Export Promotion director-general Srirat Rastapana said the DEP would normally operate its one-stop service centre on Ratchadaphisek Road to facilitate exporters.

So far, the DEP has not decided to postpone or cancel any of the six upcoming trade exhibitions.

Thaifex World of Food Asia is scheduled to start on June 30.

"The DEP remains confident this year's shipment will expand 14 per cent. The government will accelerate plans to boost exports in the remaining period," said Srirat, adding that a press conference would be held next week on export figures, as soon as the Customs Department can resume normal operations.

-- The Nation 2010-05-21

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Thai politics has been priced in a long time ago. I didn't see the BHT or the SET crash on any of this news.