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Baht/$ 34.24/29 (Bid/Ask)
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GOLD |
14050
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INVESTMENT
VICHAYA PITSUWAN
The Board of Investment (BoI) has reported a 20% year-on-year drop in the value of new investment projects seeking its incentives in the first nine months of 2008, due to investors' concern over political conflict and global recession.
BoI secretary-general Atchaka Sribunruang Brimble said the global economy was making investors more cautious. BoI data to Sept 30 showed 964 projects with a total value of 341 billion baht seeking incentives - off 20% in value and 3.5% in numbers year-on-year.
So far, the board has approved 799 applications worth 268 billion baht - half of the 536 billion baht approved in the first nine months of 2007.
Mrs Atchaka said BoI has slashed its yearly applications target from 600 to 400 billion baht and is considering ways to assist investors.
"We are preparing to discuss this in the board meeting scheduled for later this month," she said.
The meeting will look at restructuring incentives for some potential investments as well as roadshows and new market penetration support for existing investment projects. More aggressive campaigns in new markets such as Russia, China, the Middle East and Latin America are also under consideration.
In addition, existing investors need help as over 40% of new investment is expansion of existing projects.
But Mrs Atchaka said Thailand's high standards of production and its skilled workforce would produce further investment in the year to come.
The BoI chief said that Russian ambassador Evgeny Afanasiev told her in a meeting yesterday that Russian businesses were interested in expanding in Thailand. She said Russian investors were keen to invest in nanotechnology, metals, mining, furniture and jewellery.
"Russia is currently the seventh richest nation in the world and aims to move up to number five in four years," she said. "Its abundant resources and advanced technology should support our development."
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