Bt2-trillion projects 'open', Yingluck tells US investors

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Bt2-trillion projects 'open', Yingluck tells US investors
The Nation


Prime Minister Yingluck Shinawatra is greeted by Indonesian President Susilo Bambang Yudhoyono as she arrives for a business dialogue with leaders at the Asia-Pacific Economic Cooperation Summit in Bali, Indonesia, yesterday.

Kingdom ready to join free-trade pacts, assessing TPP, Premier says at Apec meet

BALI: -- Prime Minister Yingluck Shinawatra told the US business community yesterday that her government was preparing to negotiate entry into numerous free-trade arrangements - possibly including the Trans Pacific Partnership (TPP) - and to open up the Kingdom's planned Bt2 trillion worth of infrastructure projects to foreign investors.

Yingluck met American businesspeople and investors at a meeting of the US-Apec Business Coalition in Bali, where she is attending the annual summit of the Asia-Pacific Economic Cooperation (Apec) forum.

Evolving out of a free-trade agreement formed by Chile, New Zealand and Singapore in the early 2000s, the proposed TPP is a much broader pact that is championed by the US, which aims to include more countries, including Australia, Canada, Japan, Mexico, Peru, Vietnam and Malaysia.

The Thai government is in consultations with the private sector and other concerned parties to assess the readiness and impact of the TPP scheme before making a final decision on the Kingdom's involvement, government spokesman Teerat Ratana-sevi quoted Yingluck as saying.

Formed in 1993, the US-Apec Business Coalition, of which the US-Apec Business Council is a founding member, brings together leading US business associations active in Apec and Asian business affairs in support of US business goals and priorities in the Apec process.

The coalition was formed by high-ranking executives of leading US companies such as Microsoft, Google, FedEx, Johnson & Johnson, Procter & Gamble, Oracle, eBay, Time Warner and MasterCard.

Yingluck briefed them on the general state of the Thai economic environment, political stability and the investment climate, as well as the government's planned Bt2-trillion infrastructure mega-projects, which she said would support the trade and commerce prospects in this region, especially under the ASEAN Economic Community 2015.

The government assured foreign investors it has the ability to handle foreign investment fairly under clear laws and regulations, Teerat said.

The prime minister said Thailand's agriculture and alternative-energy sectors, as well as the Bt2-trillion infrastructure mega-projects offered good opportunities for US firms to invest in Thai logistics, laying the foundation for numerous industries in the future.

US-Apec Business Coalition official Thomas Donohue said many US companies were interested in investing in Thailand's infrastructure development in various forms.

Yingluck was quoted as saying the participation could take many forms, such as joint ventures and private public partnership (PPPs). She assured delegates the government's investment in the mega-projects would not raise Thailand's public debt level over 50 per cent of gross domestic product.

The project would turn Thailand into a regional hub and gateway to the entire Southeast Asia region, Teerat quoted the premier as telling the US business community.

At the Apec summit meeting, Yingluck told her regional counterparts that as full trade liberalisation could not be materialised soon, Thailand supported the idea of an "early harvest".

In fact, Apec has made significant progress on trade and investment liberalisation in recent years, she was quoted as saying.

Many trade schemes emerging in recent times - such as the TPP and the Regional Comprehensive Economic Partnership (RCEP) as well as other bilateral and multilateral free-trade agreements - would supplement Apec, she said.

However, liberalisation alone could not sustain economic growth for the benefit of all. Countries needed clear development goals that placed people at its centre, she said.

Yingluck will today join a retreat with other leaders. The retreat has the theme "Apec's vision of connectivity in the evolving regional and international architecture".


-- The Nation 2013-10-08

[jaltsc]

"The government assured foreign investors it has the ability to handle foreign investment fairly under clear laws and regulations..."

Yes, Thailand has clear laws and regulations. Now, if the government could only learn how to enforce those laws and regulations fairly and clearly...

[MaxLee]

"Bt2-trillion projects 'open', Yingluck tells US investors"

Yingluck: "Gimme monnneeeeeyyyyy"

US investors: "Shut the hell down."

[chooka]

You will get screwed over, invest billions into a project which Thailand will own and control. 51% of your money and investment under thai law will automatically become the property of Thailand and with the major share of your investment they will take your remaining 49% if you complain using their defamation laws.

[dcutman]

US-Apec Business Coalition official Thomas Donohue said many US companies were interested in investing in Thailand's infrastructure development in various forms

There is only one small issue that makes investing in Thailands infrastructure not so appealing to Americans.

The Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. § 78dd-1, et seq.) is a United States federal law known primarily for two of its main provisions, one that addresses accounting transparency requirements under the Securities Exchange Act of 1934 and another concerning bribery of foreign officials.^[1]http://en.wikipedia.org/wiki/Foreign_Corrupt_Practices_Act.

[prighas]

Nothing more than a publicity stunt!

[Katipo]

Thailand is just not ready for these things. Without the current broad range of protectionist policies, the economy would stuggle to survive.

[soi41]

So that is what is doing on her trips around the world. Begging for money.

Takes the "sick buffalo" story to another level!

The Indonesian President doesn't look impressed. Poor him. First Tony Abbott and now Yingluck.

[jpeg]

US-Apec Business Coalition official Thomas Donohue said many US companies were interested in investing in Thailand's infrastructure development in various forms

There is only one small issue that makes investing in Thailands infrastructure not so appealing to Americans.

The Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. § 78dd-1, et seq.) is a United States federal law known primarily for two of its main provisions, one that addresses accounting transparency requirements under the Securities Exchange Act of 1934 and another concerning bribery of foreign officials.^[1]http://en.wikipedia.org/wiki/Foreign_Corrupt_Practices_Act.

Yes YT seems not to have either taken these 'foreign business laws' into consideration. Some years ago I was chatting with an English businessman in a Post Office queue. He said 'The UK has laws restricting payment of bribes, but how can I operate in this country without doing so?'.

Orrr, she may possibly be too thick to understand that there are other countries in the World who actually have and implement these laws. Unlike here.

[klauskunkel]

such a good looking couple

[siampolee]

BALI: -- Prime Minister Yingluck Shinawatra told the US business community yesterday that her government was preparing to negotiate entry into numerous free-trade arrangements - possibly including the Trans Pacific Partnership (TPP) - and to open up the Kingdom's planned Bt2 trillion worth of infrastructure projects to foreign investors.

Her brothers antics along with the Thai governments (in)actions regarding their assorted business partners and the subsequent outcomes of their ''businesses relationships'' springs to mind.

The international business and investment communities are not such simple souls as she might think they also have long memories regarding Thailand's (in)ability or (un)willingness to honour its contractual, financial obligations and commitments to foreign companies involved in joint ventures.

Edited October 8, 2013 by siampolee

[chrisrazz]

Is it stupid of me to think that international involvement and investment are just what is needed to rid Thailand of the cancerous practices that continue unabated? Continued ignorance of acceptable behavior thrives whilst there is no fear of retribution. Big money is unlikely to be interested without reform, reform can be forced by laying the carrot on the table with the proviso "only if". In a country where money is more important than anything else the way to get reform is to play to the home teams weakness.

Edited October 8, 2013 by chrisrazz

[epicstuff]

Maybe they should start by showing us the courts (or even police decisions about who is liable in minor traffic collisions) can be fair to smaller businesses and individuals when I comes to foreign involvement first.

Are there any statists out that shows how many law suits involving a Thai against a foreigner are won by the foreigner?

[bigbamboo]

"Early harvest" or "get rich quick".

[waza]

The foriegn investors get to fund the 2.2 trillion projects and the Thai tax payer gets to pay them back over the next 50 years, along with a healthy profit.

[Pimay1]

Someone should inform Yingluck not to use the word schemes when talking to US business people.

In the US the following definition is used exclusively.

scheme:

Make plans, esp. in a devious way or with intent to do something illegal or wrong.

[brianb1944]

here is that "Hub" again

[EyesWideOpen]

Someone should inform Yingluck not to use the word schemes when talking to US business people.

In the US the following definition is used exclusively.

scheme:

Make plans, esp. in a devious way or with intent to do something illegal or wrong.

I have often wondered about the usage of that word in Thailand in regards to government projects.

I think here in Thailand, the word probably fits perfectly as the government implements an endless

stream of projects designed to fill the pockets of the right people. However, if the word is used

in the international / real world, it certainly would not come across very well...... :-)

Edited October 8, 2013 by EyesWideOpen

[Baerboxer]

US-Apec Business Coalition official Thomas Donohue said many US companies were interested in investing in Thailand's infrastructure development in various forms

There is only one small issue that makes investing in Thailands infrastructure not so appealing to Americans.

The Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. § 78dd-1, et seq.) is a United States federal law known primarily for two of its main provisions, one that addresses accounting transparency requirements under the Securities Exchange Act of 1934 and another concerning bribery of foreign officials.^[1]http://en.wikipedia.org/wiki/Foreign_Corrupt_Practices_Act.

Indeed sir! And I believe both the US and UK beefed up their anti-bribery laws earlier this year too.

Sarbannes Oxley Act - do you think anyone in Thailand has heard of this? I mentioned Sarbannes Oxley once and people thought it was either a sauce, wine or some kind of gourmet restaurant.

[Baerboxer]

US-Apec Business Coalition official Thomas Donohue said many US companies were interested in investing in Thailand's infrastructure development in various forms

There is only one small issue that makes investing in Thailands infrastructure not so appealing to Americans.

The Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. § 78dd-1, et seq.) is a United States federal law known primarily for two of its main provisions, one that addresses accounting transparency requirements under the Securities Exchange Act of 1934 and another concerning bribery of foreign officials.^[1]http://en.wikipedia.org/wiki/Foreign_Corrupt_Practices_Act.

Yes YT seems not to have either taken these 'foreign business laws' into consideration. Some years ago I was chatting with an English businessman in a Post Office queue. He said 'The UK has laws restricting payment of bribes, but how can I operate in this country without doing so?'.

Orrr, she may possibly be too thick to understand that there are other countries in the World who actually have and implement these laws. Unlike here.

Now, as a UK citizen he will be committing a criminal offence by turning a blind eye to bribery. Even if someone else at his firm carries out the bribing, he will be charged with a crime if he didn't report it and investigations show he was or should have been aware of it.

Maybe this is what she means about spreading Thainess! Virtually every business contact I have thinks of corruption when Thailand is mentioned. More so than when India and China are mentioned. Whether that's unfair is immaterial. It's how they think and what they base their decisions on.

[MMarlow]

You will get screwed over, invest billions into a project which Thailand will own and control. 51% of your money and investment under thai law will automatically become the property of Thailand and with the major share of your investment they will take your remaining 49% if you complain using their defamation laws.

Don't American companies have an exemption to that 49% rule? Some sort of agreement with US whereby Americans can hold 100% of Thai registered companies.

[khunken]

US-Apec Business Coalition official Thomas Donohue said many US companies were interested in investing in Thailand's infrastructure development in various forms

There is only one small issue that makes investing in Thailands infrastructure not so appealing to Americans.

The Foreign Corrupt Practices Act of 1977 (FCPA) (15 U.S.C. § 78dd-1, et seq.) is a United States federal law known primarily for two of its main provisions, one that addresses accounting transparency requirements under the Securities Exchange Act of 1934 and another concerning bribery of foreign officials.^[1]http://en.wikipedia.org/wiki/Foreign_Corrupt_Practices_Act.

Yes YT seems not to have either taken these 'foreign business laws' into consideration. Some years ago I was chatting with an English businessman in a Post Office queue. He said 'The UK has laws restricting payment of bribes, but how can I operate in this country without doing so?'.

Orrr, she may possibly be too thick to understand that there are other countries in the World who actually have and implement these laws. Unlike here.

Now, as a UK citizen he will be committing a criminal offence by turning a blind eye to bribery. Even if someone else at his firm carries out the bribing, he will be charged with a crime if he didn't report it and investigations show he was or should have been aware of it.

Maybe this is what she means about spreading Thainess! Virtually every business contact I have thinks of corruption when Thailand is mentioned. More so than when India and China are mentioned. Whether that's unfair is immaterial. It's how they think and what they base their decisions on.

Now, as a UK citizen he will be committing a criminal offence by turning a blind eye to bribery.

That depends. If you are a big weapons peddler like BAE, under the table payments are brushed off when warned by the recipient that repeat business depends on letting it go.

Thailand hasn't yet got Saudi's clout but, if sufficient follow-on business is there, the same 'principles' may well apply.

[slapout]

Germany might give a little background on Thailand's approach to payment of funds owed. A couple of Americans can enlighten some (most know how the system works here) from their prison cells on the rewards for illegal secured contracts.

Then there may be a few discrepencies between what The PM's cabinet tells the public/world and what the international economic bean counters have to say. She may want to explain how little lies should be forgive/forgotten while prison terms are handed out for truthful statements.

[simple1]

You will get screwed over, invest billions into a project which Thailand will own and control. 51% of your money and investment under thai law will automatically become the property of Thailand and with the major share of your investment they will take your remaining 49% if you complain using their defamation laws.

Don't American companies have an exemption to that 49% rule? Some sort of agreement with US whereby Americans can hold 100% of Thai registered companies.

For US investors it's Treaty of Amity, also provision for majority Australian owned companies for some industry sectors governed by the Thai Australia FTA

[gemini81]

Someone should inform Yingluck not to use the word schemes when talking to US business people.

In the US the following definition is used exclusively.

scheme:

Make plans, esp. in a devious way or with intent to do something illegal or wrong.

It was a milestone though: first time she told the truth, like Freudian slip away from a script or a telepromter!!

[MaiChai]

"The government assured foreign investors it has the ability to handle foreign investment fairly under clear laws and regulations..."

 

Yes, Thailand has clear laws and regulations. Now, if the government could only learn how to enforce those laws and regulations fairly and clearly...

51% Thai ownership 49%. Sounds fair? Not only will they rob the Thai tax payer, she is also offering to fleece foreigners too ! Thailand is not for the gullible!

[osiboy]

Thailand is just not ready for these things. Without the current broad range of protectionist policies, the economy would stuggle to survive.

PLEASE tell me your being sarcastic