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Economic stability among key strengths
SOMRUEDI BANCHONGDUANG
While economic growth for Thailand is continuing to slow, the country still has strong fundamental stability, says Toshiya Wakaume, joint general manager for Mizuho Corporate Bank's Bangkok branch. Mizuho, a Japanese financial conglomerate, has investments in 20 countries around the world and 11 in the Asian region.
He said that while investor and consumer sentiment had weakened with rising inflation and slowing growth, Thailand's economy in fact was doing relatively well compared with others.
''I don't think that Thailand is attracting less interest from foreign investors right now. Yes, some may be looking more to faster-growing countries such as China, India or Vietnam,'' he said.
''But Thailand has an advantage in terms of infrastructure support and economic stability when compared with the volatility of other countries.''
The Finance Ministry currently maintains a growth forecast of 5.6% for 2008, up from 4.8% growth in 2007.
The growth forecast is expected to be underpinned by strong growth in exports, even as consumption and investment has slowed in recent months.
Mr Wakaume said he was optimistic about the Thai economy's prospects, viewing export growth and higher global commodity prices as benefiting the country going into 2009.
The government's infrastructure megaprojects also should help draw new foreign capital to the country and spur growth in private investment.
Mr Wakaume played down political uncertainties as a major risk, although he acknowledged that the conflicts did weigh in the minds of foreign investors.
''I think Thailand's political environment has remained normal. If the government can address the internal conflicts and fully support economic policy, it would help build up foreign confidence,'' he said.
''This in turn would help stimulate investment growth.''
Mizuho Corporate Bank operates a single branch in Bangkok, offering a range of deposit, lending, trade finance and treasury services. The bank also has four representative offices in China, two branches in India and two branches in Vietnam.
Mizuho yesterday joined with Siam City Bank, Siam Commercial Bank, TMB Bank, ABN Amro and Bank of Ayudhya to lend 28.98 billion baht to the oil refiner Bangchak Petroleum.
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