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Thai Boards of Investment of Thailand (BOI) set to 'Woo Foreign Investors'
Secretary-General Udom Wongviwatchai said foreign investors from Japan, the US and Europe, as well as high-potential countries including South Korea, Taiwan and Australia, will be the main focus for investment promotion.
“The BoI’s overseas offices will be tasked with a more vital role to ensure that Thailand’s political protests will not have any negative effect on investment-promotion policies,” Udom said.
The offices will also be responsible for promoting Thai investment overseas and informing investors about new policies, such as the second phase of the eco-car project and the BoI’s new investment strategy that is expected to be in place in 2015.
Unlike the previous strategy that covered all industrial sectors, the new strategy focuses on 10 sectors including aviation, food processing, hospitality and wellness, infrastructure, logistics and renewable energy.
Heads of BoI overseas offices will meet this week to discuss strategies to promote foreign investment. Road shows and seminars will be also conducted focusing on industrial sectors and new countries such as China and India.
“The implementation of the Asean Economic Community (AEC) by the end of 2015 will be an important selling point in promoting foreign investment that Thailand has an advantage over other countries,” Udom said.
The BoI has now 14 overseas offices comprising three in China, two in Japan, two in the US and one each in South Korea, Taiwan, India, Germany, France, Sweden and Australia.
Foreign direct investment (FDI) applications for the first 11 months of this year totaled 1,015 projects worth 386.67 billion baht, both down 22 percent from the same period last year. The top 5 investors were Japan, China, Malaysia, Hong Kong and Singapore.
The metal products, machinery and transport industries accounted for 49 percent of FDI applications, followed by service and infrastructure at 18 percent and mining, ceramics and basic metals at 10 percent.
Kobchai Sungsitthisawad, deputy director general of the Industrial Promotion Department, downplayed concerns about unrest, saying businesses have survived many crises in the past.
“Whatever the political situation, I am confident that businesses in Thailand will be able to survive,” he said.
Photograph: Commuters disembark from a skytrain at Mochit station after resuming its operation on Tuesday in Bangkok, Thailand. Bangkok’s popular elevated mass-transit system has experienced what its operators say is its first major system-wide failure in 14 years of operation, disrupting morning rush-hour commuting. (AP)
Source: Business Mirror