BoI ordered to penetrate individual company

BANGKOK, April 9 (TNA) -- Deputy Prime Minister Somkid Jatusripitak has ordered the state-run Board of Investment (BoI) to launch more offensive strategies on private foreign firms and is optimistic that companies seeking promotional privileges from the board this year would exceed the target of 450 billion baht set for 2016. Mr Somkid visited the office of BoI on Friday and found out that private firms that had applied for promotional privileges during the first quarter this year amounted 89.9 billion baht compared to only 26 billion baht during the same period last year. Most investors that applied for privileges from BoI during the period were from Japan, China, South Korea, Singapore and some European countries. There are prospects that more German businessmen would invest in Thailand in future. Mr Somkid ordered BoI to dispatch its officials in persuading prospective businessmen to invest in the kingdom. He believed that more foreign businessmen would be willing to invest in Thailand if the country’s politics is stable. Along with improving local consumption and economic stimulus measures and planned huge investment on mega projects sponsored by the government during the second half this year, Mr Somkid believes Thailand’s economy could move forward. Simultaneously, Kan Trakulhoon, an economic advisor to the government, said domestic cement consumption improved during the first three months this year. Cement consumption by the public sector rose 19 per cent while it increased by the business sector but it contracted two per cent by the household sector, said Mr Kan. The increase in the use of cement could be considered that local economy is improving, he added. (TNA)