The Hindu : Thailand seeks foreign investment

Online edition of India's National Newspaper
Saturday, Jun 22, 2002

Southern States

Southern States - Karnataka

Thailand seeks foreign investment

By Our Staff Reporter

Bangalore June 21. India, which depends on foreign financial assistance, both governmental and institutional, for various development activities, has a lesson to learn from Thailand. The country has, as part of measures to improve its economy, succeeded in reducing its external debt in recent years.

Pattama Teanravisitsgool, Policy and Plan Analyst, National Economic and Social Development Board of Thailand, speaking on the economic situation in Thailand and a policy towards a sustainable, high-performance economy, said her country had been able to reduce the external debt. She was speaking at a seminar on "India and Thailand: Trade and Investment Opportunities" organised by the Confederation of India Industry (CII) here on Friday.

She said that the liquidity problem had been substantially alleviated. The tourism and construction sectors continued to expand, paving the way for improving the economy.

A Thai business delegation is currently visiting the country.

Bandhit Sotipalalit, Ambassador of Thailand in India, said he was happy that India, which hitherto looked to the West for everything, had turned its attention eastward after the end of the Cold War.

Now that the five-year economic downturn was behind it, Thailand was actively pursuing foreign investment with renewed vigour. It offered friendly policies, and fiscal and infrastructure support to investors, a member of the delegation said.

Bangkok was focusing on five areas and these offered vast opportunities for Indian collaborations, said Chokedee Kaewsang, Senior Investment Promotion Officer, Thai Board of Investment. The two countries should explore mutual strengths in agro-industry, automobile assembly and components, computer hardware, tourism, garments, and gems and jewellery, he said.

Thailand had put in place a liberal pro-private sector, pro- investor framework. It was aiming to be the hub of tourism and conventions, and the automobile and food sectors, and was offering high-end, value-added products for the world market. Labour may not be cheap as in India or China, but the country offered high productivity. This year, investments had perked up and an average growth rate of 4 per cent had been forecast, he said.

The Chairman of CII - Karnataka, M. Lakshminarayan, suggested that Thailand should consider strong investment ties with Karnataka which was a leader in electronics and sugar sectors.

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