NAREERAT WIRIYAPONG
The time is right for foreign investors to invest in Thailand as the economy will see limited effects from high oil prices and the US sub-prime problem, Industry Minister Suwit Khunkitti said yesterday.
Addressing the British Chamber of Commerce Thailand (BCCT), Mr Suwit said Thailand was more resilient in the face of high oil prices as alternative fuels were available including natural gas, biodiesel and gasohol.
Thailand last year cut its import volumes of crude oil and fuel oil by 5.5% and 5%, respectively, while sales of fuel-efficient cars increased by 40% in the first three months of this year, he said.
On the effects of the US credit woes, the minister said Thailand had more diversified export markets to offset the falling exports to the United States, including China, India, Australia and the Middle East.
Despite the US slowdown, Thai exports rose 24.1% in the first three months of this year in dollar terms, with high commodity pushing up the value of agricultural products by 31.4%. Mr Suwit noted.
''Thai financial institutions are unlikely to be directly affected [by the sub-prime crisis] because they have limited exposure to those high-risk products,'' he said.
The development of Suvarnabhumi Airport as a regional air hub, as well as more roads to better connect Thailand with neighbouring countries, were also positive factors, he said.
''This is the time to invest in the region, especially in Thailand, to cash in on the prosperity of this region and regional integration. Thailand is the country of choice for investment in Asia.''
Any revisions of rules and regulations initiated by the current government would result in a more more investor-friendly approach, he added.
''The revision, for example of the Foreign Business Act, would make regulations more pro-investment, making investors feel more confident to invest and do business in Thailand,'' said Mr Suwit, also a deputy prime minister.
As well, he said, the investment promotion criteria of the Board of Investment (BoI) would be adjusted to be more ''convenient and transparent'' and the process of approving applications would be shortened to only 15 days.
To make Thailand a better investment destination, the BCCT yesterday submitted a package of recommendations to Mr Suwit to strengthen the kingdom's attractiveness against lower-cost neighbours, mainly Vietnam and China.
BCCT director Stephen Frost urged the government to open up the education and training industry, in which UK businesses were keen to come to Thailand.
''In Thailand, educational institutions can't be 100% owned by foreigners, which is allowed in Singapore,'' Mr Frost said.
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The time is right for foreign investors to invest in Thailand as the economy will see limited effects from high oil prices and the US sub-prime problem, Industry Minister Suwit Khunkitti said yesterday.
Addressing the British Chamber of Commerce Thailand (BCCT), Mr Suwit said Thailand was more resilient in the face of high oil prices as alternative fuels were available including natural gas, biodiesel and gasohol.
Thailand last year cut its import volumes of crude oil and fuel oil by 5.5% and 5%, respectively, while sales of fuel-efficient cars increased by 40% in the first three months of this year, he said.
On the effects of the US credit woes, the minister said Thailand had more diversified export markets to offset the falling exports to the United States, including China, India, Australia and the Middle East.
Despite the US slowdown, Thai exports rose 24.1% in the first three months of this year in dollar terms, with high commodity pushing up the value of agricultural products by 31.4%. Mr Suwit noted.
''Thai financial institutions are unlikely to be directly affected [by the sub-prime crisis] because they have limited exposure to those high-risk products,'' he said.
The development of Suvarnabhumi Airport as a regional air hub, as well as more roads to better connect Thailand with neighbouring countries, were also positive factors, he said.
''This is the time to invest in the region, especially in Thailand, to cash in on the prosperity of this region and regional integration. Thailand is the country of choice for investment in Asia.''
Any revisions of rules and regulations initiated by the current government would result in a more more investor-friendly approach, he added.
''The revision, for example of the Foreign Business Act, would make regulations more pro-investment, making investors feel more confident to invest and do business in Thailand,'' said Mr Suwit, also a deputy prime minister.
As well, he said, the investment promotion criteria of the Board of Investment (BoI) would be adjusted to be more ''convenient and transparent'' and the process of approving applications would be shortened to only 15 days.
To make Thailand a better investment destination, the BCCT yesterday submitted a package of recommendations to Mr Suwit to strengthen the kingdom's attractiveness against lower-cost neighbours, mainly Vietnam and China.
BCCT director Stephen Frost urged the government to open up the education and training industry, in which UK businesses were keen to come to Thailand.
''In Thailand, educational institutions can't be 100% owned by foreigners, which is allowed in Singapore,'' Mr Frost said.
Discuss
Add this link to...
Tell a friend
Bury
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