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Pattaya Daily News

31 July 2010 :: 11:07:29 am 33886

US-ASEAN Back Piracy Move as Foreign Investors Return

The US-ASEAN Business Council is allegedly ready to support the proposed removal of Thailand from Washington’s Priority Watch List (PWL) for Intellectual Property Piracy, stated Thailand’s Deputy Commerce Minister on Friday.
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Bangkok, the 30th of July 2010: Speaking after a meeting with the US-ASEAN Business Council, Mr. Alongkorn Ponlaboot (Deputy Commerce Minister) revealed Thailand’s placement on the priority list was due to the continued problem of suppression and prevention of intellectual piracy in several forms.

Due to the increased attention and success of authorities in controlling such incidents, Mr. Ponlaboot has lobbied the US-ASEAN Business Council to support a move for Thailand to be transferred to the lower category Watch List (WL) by Washington.

Meanwhile, Mr. Ponlaboot’s involvement at the US-ASEAN Business Council revealed that the majority of foreign investors had renewed confidence in the Thai economy, due in part to expected growth of around 10% in 2010 and the nation’s successful turnaround following recent political tensions in the capital.

The United States has reportedly show interest in several entrepreneurial investment projects, while Ford Motors is expected to invest more than US$450 million in a production facility based in Thailand in the near future.

In support, Bank of Thailand (BoT) Deputy Governor Bandid Nijathaworn revealed a steady strengthening in the return of foreign capital investment in the Stock Exchange of Thailand (SET). Mr. Nijathaworn explained that the continued strengthening of the US economy and steady progression in the resolution of the ongoing European debt crisis had seen the return of foreign capital inflows in both the stock and bond markets of the SET.

Despite these positive findings, Mr. Nijathaworn expressed concerns regarding the unresolved unemployment rate increase in the US and the inability of several leading nations to adopt fiscal policies aligned at stimulating their stagnant economies. Although he still expected the Thai economy to grow inline with previous predictions, Mr. Nijathaworn pointed out that all sectors of the economy were still very speculative and low on confidence.

Reporter : John Weston   Photo : Internet   Category : Business News

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