Thailand's new investment projects expected to reach Bt1t in 2013

BANGKOK, July 25 (TNA) - The Ministry of Industry has expressed its confidence that the value of new investment projects seeking promotional privileges from the Board of Investment (BOI) will reach one trillion baht this year as targeted. Thai Industry Minister Prasert Boonchaisuk told journalists on Wednesday that 1,055 new investment projects, totally worth 632.8 billion baht, were proposed to seek the BOI's promotional privileges in the first half of this year, a 5.8 per cent year-on-year increase in terms of number and a 47 per cent year-on-year surge in terms of value. According to the industry minister, the lion's share of foreign investors seeking the BOI's promotional privileges during the January-June 2013 period mostly came from Japan, followed by those from Malaysia and Hong Kong. The minister insisted he is confident that the value of new investment projects seeking the BOI's promotional privileges this year will be at least 1 trillion baht. Meanwhile, BOI Secretary-General Udom Wongviwatchai pointed out that many positive factors have attracted foreign investors to Thailand, including the now weakening Thai baht, the economic growth outlook of Thailand's trading partners in the Greater Mekong Sub-region (GMS) and booming domestic tourism although some negative factors have remained, namely the global economic slowdown, labor shortages and impacts from the government's approved daily wage hike to 300 baht nationwide. (TNA)