Thais urged to invest abroad

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Thais urged to invest abroad
PETCHANET PRATRUANGKRAI
THE NATION

BANGKOK: -- THE FORMER HEAD of the World Trade Organisation (WTO) and the United Nations Conference on Trade and Development (Unctad), Supachai Panitchpakdi, has suggested that Thailand promote more overseas investment, trade more with emerging markets, and urgently develop human-resource skills to deal with the possibility of slow global economic expansion.

Speaking at an event marking the 94th anniversary of the Commerce Ministry, Supachai said the world economy would continue to grow slowly this year and next, at only 1-2 per cent per annum, held back by the EU and the United States.

As for Thailand, although the government has attempted to stimulate economic growth, the measures have come quite late to bolster gross domestic product much this year. But GDP should grow by more than 5 per cent next year, thanks to the acceleration of state spending, more investment abroad, and increased trade in the Asean region.

He said Thailand should no longer rely only on exports, but needed to encourage more investment overseas, particularly in the EU. Because of its sluggish economy, many European industries will be up for sale, and Thai investors should take this opportunity to start businesses there.

Businesses in which Thailand has potential to invest overseas are food, energy, automobiles, steel, machinery production, and sectors with highly sophisticated technology.

He also urged the government to pay more attention to the fact that many Thai workers have low skills. He called for the development of the education system, while urging private enterprises offer higher incomes for vocational students.

To cope with instability both domestically and overseas, Supachai suggested that Thailand focus on four areas.

First is to increase infrastructure development and linkages with other Asean countries. Border checkpoints should be upgraded with this in mind.

Second is to focus more on trade with emerging countries, and increase investment overseas.

Third is to develop a sustainable trading system. He noted that many Thai industries had not developed for several years, while other countries had adopted higher technology.

He urged every government agency as well as the private sector to follow global trends, such as concerns on environmental standards, social responsibility, and corporate governance.

Finally, he urged Thailand to increase its bargaining power by tightening cooperation with Asean, and supporting the proposed Regional Comprehensive Economic Partnership.

He said the WTO might have less influence on global trading in the near future after it had faced difficulties in its efforts to liberalise the global market, while many bilateral trade pacts had been created.

The US and the EU are negotiating a Trans-Atlantic Trade and Investment Partnership to increase their bargaining power, which focuses on new trade rules and regulations, while the US is pushing for a Trans-Pacific Partnership with other nine 11 other countries. Thailand, thus, needs to increase its bargaining power by forging closer ties with Asian countries, he said.

Source: http://www.nationmultimedia.com/business/Thais-urged-to-invest-abroad-30241389.html


-- The Nation 2014-08-21

[NongKhaiKid]

Thainess and hypocrisy.

Start businesses in Europe because they let you but keep restrictive laws in place at home.

[Payboy]

Don't return home with more than 10k baht worth of shopping though.

[siampolee]

Great idea, make the plan a reciprocal one please

Thai's need to realise that international cross border investment is a two way street.

Edited August 20, 2014 by siampolee

[ChrisY1]

Sounds much less risky to me than investing hard earned here......in fact, who would invest in a country run by military ?

No-one knows which way they'll turn.

[JeremyBowskill]

bust be nice to have the option to invest abroad and buy land and stuff.........

Edited August 21, 2014 by JeremyBowskill

[shirtless]

These double standards will do more harm than good , I thought of investing in Thailand but the risk is just to high.

[Christie Paul]

Savvy Thais have been investing abroad for years.

The present capital outflow is staggering.

Its a fairly well established routine now.

1. Growth in income, development and mendacious politicians, who try to buy/steal the entire country.

2. Political deadlock.

3. Military steps in, cleans up but (inadvertently) damages the economy.

4. Politicians get back in power, economy lifts and they try and steal the entire country again... etc. etc.

[96tehtarp]

The OP is encouraging Thai business-people to be more outward looking. There are profits to be made outside Thailand.

Note to the "double standard" naysayers: Foreigners CAN own land in Thailand. Read the BOI rules on the subject.

[chainarong]

PTT have just brought in big time in OZ, they will soon find out the tax system is a bit different, in OZ ,the land of fee's , charges, fed taxation , state tax, local tax, rules and regs, licences, permits, more don'ts than do's , will sorely test their international knowledge.

[atsiii]

Yes, Thai's can buy and own businesses and land in many other countries. So quick, go do all the things you don't allow foreigners to do in Thailand.

[nong38]

The world economy is indeed slow, but, in another headline today we see that Thailand is expected to grow by 5% which is more than anywhere else. What sort of advice are they giving, or is for those who dont want to declare to many assets at home? Thainess is a right rum area>

[96tehtarp]

Yes, Thai's can buy and own businesses and land in many other countries. So quick, go do all the things you don't allow foreigners to do in Thailand.

Foreigners CAN own land and be the majority shareholders or even 100% owners of businesses and land in Thailand. The notion that they cannot is a myth. Read the BOI and "Treaty of Amity" regulations.

[SteveFong]

Treaty of Amity?

for the lone farange, good luck getting that one enforced when you have been murdered for your land

[umbanda]

What better investing now than in foreclosed homes in the US, where the payment for any 30 years mortgage loan may be equal or less that the monthly rental income for the property, and mortgage interest rates are under 4% with 10% down payment for US citizens and 25% for foreigners? Chinese are buying US now. A lot of good houses now for sale in the US under $200,000 even in California, and no monthly rentals under $1,000/mont, even for a small condo..

[96tehtarp]

Treaty of Amity?

for the lone farange, good luck getting that one enforced when you have been murdered for your land

A lone farang, with a Thai limited company, 30 year lease, and due diligence can be certain even the murder's grandchildren will never make use of the land. Although anything is possible here, I'll admit that.

Foreigners CAN own land and can own majority control of businesses here.

[96tehtarp]

What better investing now than in foreclosed homes in the US, where the payment for any 30 years mortgage loan may be equal or less that the monthly rental income for the property, and mortgage interest rates are under 4% with 10% down payment for US citizens and 25% for foreigners? Chinese are buying US now. A lot of good houses now for sale in the US under $200,000 even in California, and no monthly rentals under $1,000/mont, even for a small condo..

Umbandu, this is exactly the point made in the OP where Supachai Panitchpakd mentioned that the US and EU are still in the doldrums. Now is the opportune time for Thai money to invest there.

You have highlighted the domestic real estate market in the US, however other opportunities exist. Sadly the average rural Thai person cannot locate any EU country or the USA on a blank world map. Those places are all the same. It's the "outside world".

[Cuchulainn]

I got all my savings out to Singapore years ago. Wouldn't trust this tin pot banana republic with a ten bob bit.

[IamNoone88]

They don't do well on an international level playing field - they would rather stay at home, where its a lot more favourable.

[96tehtarp]

They don't do well on an international level playing field - they would rather stay at home, where its a lot more favourable.

Reading your post I interpret "They" to be the general population. The speaker in the OP was not addressing the general population.

[Ricardo]

I wonder whether Ugandan gold-mines or blood-diamonds in Africa are on the approved-list of investment-opportunities ?

[espinoza]

PTT have just brought in big time in OZ, they will soon find out the tax system is a bit different, in OZ ,the land of fee's , charges, fed taxation , state tax, local tax, rules and regs, licences, permits, more don'ts than do's , will sorely test their international knowledge.

What the <deleted>-k does OZ mean ?

[bannorkbannork]

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PTT have just brought in big time in OZ, they will soon find out the tax system is a bit different, in OZ ,the land of fee's , charges, fed taxation , state tax, local tax, rules and regs, licences, permits, more don'ts than do's , will sorely test their international knowledge. width=32 alt=coffee1.gif>

What the <deleted>-k does OZ mean ?

OZ means australia

[BSJ]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

PTT have just brought in big time in OZ, they will soon find out the tax system is a bit different, in OZ ,the land of fee's , charges, fed taxation , state tax, local tax, rules and regs, licences, permits, more don'ts than do's , will sorely test their international knowledge. width=32 alt=coffee1.gif>

What the <deleted>-k does OZ mean ?

OZ means australia

Hey, give him the full explanation. Espinoza back when Europeans went to Australia before it was Australia they met a local girl whose name was Ozilia and she was very friendly but in 1770 Capt Cook found Australia and decided to call it 'Australia' in the name of the King blah blah blah! So from then it was officially Australia but the man in the street considered it the "Land of Oz"....and many of us still do!

[belg]

they mean like drug and human trafficing ?

i think they do plenty of that already