Stories tagged with foreign
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Foreign Investors Ask for Clarity in Government Policies
Foreign investment in Thailand is not seeing the progressed expected due to government policies that deter potential investors, the Joint Foreign Chamber of Commerce in Thailand (JFCCT) reported this week.
Chamber members have asked for discussions, to be held quarterly with government officials, at which both sides could review deterrents and jointly propose solutions.
The government of Thailand should focus on putting foreign investors as ease by revising some of its investment policies, said JFCCT chairman, Nandor G von der Lueche at a meeting held this week with Suwit Khunkitti, Industry Minister, and Thailand’s Board of Investment (BOI).
''Contradictory policies have confused us and created a poor impression to existing foreign investors, leading them to hold back their expansion plans,'' he noted.
He continued by saying that impractical regulations were working against the government’s goal to use BOI privileges to place Thailand in the position of a prime investment destination.
Von der Lueche cited the country’s hospitality and health-care and programmes, which are a draw for numerous investors, but who are deterred by the high corporate taxes of 30%.
Rival south-east Asian nations are offering special corporate tax rates, such as Malaysia at 28% and Singapore at 18%, for example, which are an important factor in drawing hospitality investors, he added.
Mr von der Lueche asked for a review of the corporate income tax rate for investors and other tariff privileges as well. ''If the government can revise these policies, its attempt to promote foreign investment will be more effective. The JFCCT wants to take a role in identifying these policies and be an adviser to the government on effective policies.''
Posted by: Andrew on 07 Jul 2008, 21:00 -
Despite Protests in Bangkok Foreign Investment Remains Strong in Pattaya
The Thai Government is making an effort to reassure foreign investors that the current wave of political protests will not impact long-term stability in the country. On 3 June 2008, Foreign Minister Noppadon Pattama felt it necessary to reassure the British business community that protests in Bangkok were symptomatic of the democratic process and not indicative of political instability.
A recent report documents that Asian tourists are staying clear of Thailand due to the political protests. The governments of Malaysia and Indonesia have issued travel warnings dissuading their citizens from Thai holidays at the present time.
The popular mass protest seen recently in Bangkok doesn’t seem to have deterred Russian and Scandinavian tourists and investors from visiting Pattaya however. In 2007, nearly 900,000 Russians visited Pattaya, a more than 84% increase over the previous year, making Russian tourists the leading market for this resort destination. Russians and Scandinavians have displaced Germans and Brits as the main investors in Pattaya condominium units. Although Russians have been coming to Pattaya for holidays over the past 10 years, it's only been since 2006 that they have become property investors. Raimon Land reports that property purchases by Russians in 2007 accounted for 22% of condominiums sales in their upscale developments.
Posted by: Andrew on 11 Jun 2008, 20:00