The new industry minister said he will move quickly to restore foreign investor confidence and resolve the Map Ta Phut dispute. He is also optimistic that up to 500 billion baht will be invested in Thailand by the end of this year as previously projected by the Board of Investment. Newly-appointed Industry Minister Chaiwut Bannawat said that one of the most urgent tasks is to revive confidence among foreign investors.
The atmosphere on the first day of the second phase of the government savings bonds' sales via large commercial banks nationwide was vigorous in the provinces, with throngs of senior citizens queuing in front of local bank branches since early morning. A large number of people queued up at bank branches in the central province of Petchaburi since early morning to purchase the second batch of the government savings bonds, worth 100 billion baht, under the Strong Thailand economic stimulus scheme.
The monetary policy panel resolves to maintain the one-day repurchase rate at 1.25 percent, reasoning the internal political crisis and Europe's financial crisis fallout are still major risks to the economic growth. Bank Of Thailand Assistant Governor in charge of monetary policy Paiboon Kittisrisangwan said the resolution was from concerns over internal political uncertainty and financial crisis in Europe although the global economy continues to grow as a result of economic growth in the United States, Japan and Asia.
The Thai economy hit a 15-year high at 12 per cent growth in the first quarter of this year but the recent political violence could pull growth down by 1.5 per cent, National Economics and Social Development Board (NESDB) secretary-general Ampong Kitti-ampon said on Monday. Thailand Business News
Thailands real estate industry has indicated that consumer confidence will likely drop if the unrest situation persists while many companies have indefinitely pushed out the launch of new real estate projects. Supalai Public Company Managing Director Traitecha Tangmatitham stated today that the halt of government aid measures for the real estate industry coupled with the nations current political turmoil will bring about a dire situation for the sector.
The Finance Ministry has resolved to expedite drafting the 2011 budget bill, aiming to have it completed by mid-September before the planned dissolution of the House. Finance Minister Korn Chatikavanij stated that as Prime Minister Abhisit Vejjajiva has declared that he will dissolve the House and make way for an election on November 14, the ministry is now obligated to complete its drafting of the 2011 budget bill as soon as possible.
A stock market executive said the agency will continue with its plan to develop capital markets although political uncertainty may have an impact on the plan. Phra Maha Wuthichai Wachiramethi, better known as Wor Wachiramethi, director of the Vimuttayalai Institute, was invited to give a speech on the occasion of the 35th anniversary of the Stock Exchange of Thailand.
The economic Cabinet's meeting has endorsed a five-year 200 million-baht development plan for the State Railway of Thailand. Prime Minister's Office Vice Minister Puttipong Punnakan revealed today that the economic Cabinet has endorsed an organizational and infrastructural development plan for the State Railway of Thailand, or SRT.