BoT concerned halting of 76 projects in Map Ta Phut to derail economic recovery

BANGKOK, 5 October 2009 (NNT) – The Bank of Thailand (BoT) has expressed concern over Administrative Court rulings to suspend 76 projects in the Map Ta Phut industrial estate for fear it will stagnate the recovery of the Thai economy.

Assistant BoT Governor Paiboon Kittisrikangwan admitted today that court injunctions for 76 Map Ta Phut projects might impact both domestic and foreign investments into the Rayong industrial estate. Mr. Paiboon said the court decisions may shift invest to other countries and obstruct the nation’s economic recovery.

The BoT assistant governor assured that the bank was monitoring the economic situation closely and collecting relevant information to evaluate the outcomes of the Administrative Court’s rulings. He noted that it would require time to generate a clear picture of how much the national economy would be affected from the suspension of the projects, adding that the confidence index of investors must be surveyed as well.

The Administrative Court issued its verdicts to temporarily halt the 76 industrial projects in Map Ta Phut due to heavy concern over the estate’s critical environmental and health effects.