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Investment climate stronger than forecast: BoI

Tinnakorn Chaowachuen

The Nation

BANGKOK: -- Thailand's investment environment is looking brighter than predicted, with the value of privileges granted to companies now targeted to reach Bt800 billion this year.

The Board of Investment Office yesterday said the total value of investment privileges would rise higher than the previous projection of Bt630 billion, as the value had already exceeded Bt570 billion during the first seven months.

The Industry Ministry has a positive assessment of the economy in the second half of the year. From January to July, there were 1,239 applications for investment privileges worth Bt574.2 billion, compared with 973 applications worth Bt287.6 billion in the same period last year.

The BOI is collaborating with Oxford Business Group on "The Report: Thailand 2012" to collect economic and political information to guide manufacturers and others on investing in Thailand.

Industry Minister Pongsvas Svasti said seven industries had made significant applications. These were services and infrastructure; chemicals for paper and plastic; metals, machinery and transport equipment; electronics and electrical appliances; agriculture and agricultural products; light industry; and mining of ceramics and base metals.

The minister said investment in Thailand was growing strongly this year as a positive impact from the flood aftermath. Investors are more confident to indulge in highvalue projects, which the economy expecte to growth by 5.5 per cent this year, higher than the global average growth.

"Thailand is the geographical centre of this region, which attracts foreign investors to set up their manufacturing hubs here as the springboard for export to other countries such as Myanmar, Laos, Cambodia, Malaysia, Vietnam and southern China," Pongsvas said.

The government plans to construct basic infrastructure to encourage investment, particularly inland roads to link with Dawei Port in Myanmar, he noted.

Atchaka Sibunruang, secretarygeneral of the BOI, said the office was revising its investmentprivilege policy to focus more on hightech manufacturing and highvalueadded businesses and less on labourintensive businesses and basic agricultural processing.

Under the new policy, investment promotion zones will be cancelled and the focus will shift to business type when determining investment privileges.

Paulius Kuncinas, regional editor of Asia Oxford Business Group, said Thailand remained attractive to foreign investors. However, the country is facing new challenges for its development as its economy has relied too heavily on export. In addition, many regulations have hampered business operations and development.

-- The Nation 2012-08-25