Pattaya Daily News

25 January 2007 :: 13:01:10 pm 23045

Thailand wants foreign direct investment

BANGKOK, Jan 24 Prime Minister Surayud Chulanont told foreign businessmen and diplomats that the country welcomes foreign investment and businesses, despite a recent spate of moves seen by the business community as hostile to foreign businesses.
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Speaking at a luncheon organised by the Joint Foreign Chambers of Commerce in Thailand, Gen. Surayud said recent development including amendment to the Foreign Business Act and capital control measures were meant to strengthen transparency and good corporate governance within Thailand.

He was adamant that amendments to the Foreign Business Act imposing a cap on foreign ownership of Thai companies to under 50 per cent would not impact foreign investors operating in the real sectors such as manufacturing, export, or officially approved projects. He said the move is among the government’s efforts to create a level-playing field and removing obstacles to foreign investment activities in Thailand.

Gen Surayud also reassured the foreign businessmen that the government intends to stay on the economic growth path, through investment in transport and infrastructure development by the state sector and incentives for private sector investment.

In addition, the premier expressed confidence that his interim administration would implement political reforms, root out corruption and organise free and fair elections by the end of this year.

Gen Surayud told the foreign businessmen they can be confident that whatever actions or policies by the government are meant to increase transparency, efficiency and thereby greater productivity along with sustainable development in the Thai society.

The Thai economy shall remain strong –growing at 4 – 5 per cent this year due to solid fundamentals that enabled the country last year to weather any storms, be it natural disaster, volatile oil prices or political uncertainties.

Citing figures from the Board of Investment which gives tax incentives for foreign investment projects in Thailand, the prime minister said Thailand has welcomed over 3 billion-baht worth of foreign direct investment activities in the last three months.

Reporter : PDN staff   Photo : PDN staff   Category : Business News

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