All State Agencies Urged To Accelerate Restoring Investor Confidence

[george]

All state agencies urged to accelerate restoring investor confidence

BANGKOK: -- Worried about a plunge in the consumer confidence index surveyed by a giant credit card issuer, the government has instructed all state agencies to step up efforts to restore confidence among consumers and investors.

An Asia-wide survey conducted by MasterCard Co showed that Thailand's consumer confidence index has dropped to 28.6 points from 100 due to the country's prolonged political turmoil.

Government Spokesman Surapong Suebwonglee said Prime Minister Thaksin Shinawatra told ministers at the cabinet meeting on Tuesday to instruct state agencies under their supervision to make all-out efforts to restore investor confidence because there is a sign that some investors might shift their investment to neighboring countries.

He said Deputy Prime Minister and Commerce Minister Somkid Jatusripitak reported the United States and Thai businessmen shared a common view at a recent meeting in New York that investors might lack confidence in the Thai economy and shift their investment to Vietnam and Malaysia if the forming of the new government was in further delay.

As well, they saw a need for Thailand to accelerate developing human resources and labor skills in preparation for investment expansion. The country should not count on a tax incentive offer as a single tool to attract investment, Dr. Surapong quoted the deputy premier as saying.

--TNA 2006-07-19

[Blue Unicorn]

It always make me gasp with exasperation at the leaders and politicians within countries. They are all so arrogant and ignorant of the truth. It is the very politicians and the elite of this country that have caused the country's economy to decline through their antiquated laws, unpredictable behaviour and their constant greedy desire to not become a democratic country.

Ever since tourist figures started to decline after 9/11 they have done the opposite of what any sensible forward thinking person would do. They cut the drinking hours back at bars (which is not what tourists want to see), they enforced it with mass police raids and strong armed tactics that we in the west find quote unacceptable. Remember large numbers of tourist being marched and arrested in bars.....my friends were two that this happened to and they said they woudl never come back here ever again. And I do not blame them. A married couple with children who were foreced to have urine tests and then frog marched to the police station for not having their passports with them. Then foreced to pay fines.

The policians then create political turmoil and to add to that, keep closing bars down for constant elections and public holidays. Most tourists want to come and have fun and part of that is drinking. They do not like to be treated like children and dictated to.

So with all this, they then decide to start enforcing an old law with regards ownership of land. They then wonder why the property markets are suffering and many many people have no particular desire to come to Thailand. I know of atleast five companies that have decided not to invest here with a combined loss of over 200 million baht !

Is it hardly surprising people are nervous of Thailand. If they are not careful they will ruin everything they have gained over the last ten years.

But the real hypocracy of it all...is they then ask the people of Thailand and other groups to help regain investors confidence !!! It is and has never been the mass Thai population who destory investors confidence. They are the reason most people come here. It is the elite of society that have done that and they should sort it out.