Minister: Thai economy is in strong position

BANGKOK, August 24 (TNA) - Industry Minister M.R. Pongsavas Svasti says that the Thai economy remains in a strong position amid the ongoing debt crisis in Europe, as post-flood recovery has been gaining pace. Speaking at a ceremony to launch "The Report: Thailand 2012", jointly organized in Bangkok on Friday by the Board of Investment of Thailand (BOI) and Oxford Business Group, M.R. Pongsavas confirmed the national economy's positive development, noting that the rebounding Thai economy has now become an opportunity to build international investors' confidence, following the country's massive flooding late last year. M.R. Pongsavas also underscored policy-makers' priority in further developing national transport infrastructure to support Thailand’s connectivity with other members countries of the Association of Southeast Asian Nations (ASEAN), as the Thai Kingdom has the potential to become an economic powerhouse after the ASEAN Economic Community (AEC) is formed by 2015. Meanwhile, BOI reported that new investment projects seeking its approval of promotional privileges had reached 570 billion baht during the first seven months of this year and is expected to stand around 800 billion baht by the end of this year, with most of the new applications found to be in the Thai automobile and parts, electronic, renewable energy, transport and high-tech industries. (TNA)