ASEAN remains attractive to Thai investors

BANGKOK, February 28 (TNA) - A senior Thai economist says the 10-member Association of Southeast Asian Nations (ASEAN) remains attractive to Thai business operators, especially Myanmar, a gateway to the immense Chinese and Indian economies. The senior Thai economist, Saowanee Thairungroj, who is also President of Bangkok-based University of the Thai Chamber of Commerce, publicly aired the assessment on Thursday, pointing out that the entire ASEAN economy is expected to grow by 5-5.5 per cent over the next five years. Saowanee projected that the economies of Cambodia, Laos, Myanmar and Vietnam, known as the CLMV group in the 10-nation bloc, should particularly expand by at least 6 per cent annually in the coming years, making them suitable destinations of regional investors, including those from Thailand. According to the senior Thai economist, Singapore is the best destination for investment in ASEAN, given its favourable economic, government, business atmospheres, as well as human resources and investment environment, followed by Malaysia and Indonesia. The senior economist suggested, however, that the best investment destination for Thai business operators in ASEAN is Myanmar, as the neighbouring country stands next to China and India, where there are a combined population of 2.87 billion. Myanmar shares a border at a distance of about 2,000 kilometres with Thailand and there are more than 10 customs checkpoints. Besides, wages in Myanmar are the lowest in ASEAN and there are plenty of quality resources, including metal, precious stones, marine resources and forests. Myanmar also has vast areas of farmlands and is relaxing its regulations to welcome foreign investment. In addition, Myanmar consumers have high loyalty for Thai products. Thailand has annually exported refined oil, beverages, machines and parts to Myanmar and imported natural gas and a number of workers from Myanmar. But a weak point of Thai investors in Myanmar is their lack of knowledge about Myanmar laws. (TNA)