Thailand's new mega-infrastructure projects to link with ASEAN countries

BANGKOK, August 30 (TNA) - The Thai government plans new mega-infrastructure development projects, worth some two-trillion-baht, but foreign investors will be invited to run the projects to limit the overall public debt at no higher than 60 per cent of the country's gross domestic product (GDP). Deputy Prime Minister and Finance Minister Kittirat Na-Ranong revealed the plan at the “Thailand Focus 2012” seminar in Bangkok on Wednesday, noting that the new 2-trillion-baht infrastructure development projects are aimed at linking Thailand with other member countries of the Association of Southeast Asian Nations (ASEAN). Kittirat confirmed that the new mega-projects will not raise Thailand's public debt beyond the 60 per cent benchmark of the GDP, acknowledging that, as part of the plan, the Thai government has proposed a joint venture law to the Parliament and is working out details of its infrastructure fund; while seeking a permission from the Securities and Exchange Commission (SEC) to sell shares of the fund in a few months. The deputy premier insisted that the Thai government has supported national economic growth mainly by stimulating domestic consumption through, for example, a minimum wage hike, a debt moratorium for local farmers and tax privileges for first-home and first-car buyers. Meanwhile, Jaramporn Chotikasatien, President of the Stock Exchange of Thailand (SET), assessed that world economic problems have had slight impacts on Thailand and listed companies of the Thai stock market have had strong foundations. (TNA)