No shift of investment from Thailand to neighbours

BANGKOK, May 28 (TNA) – The Federation of Thai Industries (FTI) affirms that it sees no sign of a shift of investment by foreign investors from Thailand to its neighbouring countries.

Speaking after meeting with FTI chairman Payungsak Chartsutipol and his delegation, Deputy Prime Minister Trairong Suwannakiri said that despite the recent political riot, the FTI has seen no sign until now of foreign intentions to shift investment from Thailand to its neighbours.

The FTI also assured him that it would help the government clarify what happened in the recent policy turmoil to boost understanding among foreign investors.

Many believed the clarification made by the FTI would more reliable than that made directly by the government, Mr Trairong said.

Regarding the FTI’s proposed establishment of a Thailand Rehabilitation Fund initiated with Bt10 billion, Mr Trairong said details of the proposal remained unclear and must first be approved by the Joint Private-Sector Committee.

Regarding the Fiscal Policy Office’s revelation that the 74-day political rally by anti-government Red Shirt protesters caused Bt145 billion in damage to the economy, he said the figure is not beyond expectation as he had once estimated damages incurred from the rally would be in a range of Bt100-150 billion or 1-1.5 per cent of the gross domestic product (GDP).

The deputy premier said he was confident the 2011 budget and the investment from the Bt400 billion loan support program under the Thai Khem Keng (Strong Thailand) scheme would be sufficient to revive the battered economy. (TNA)