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Foreign investors and businesspeople seek clarity about the current “situation” in Thailand

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PHOTO: Are business groups still able to "meet"? - EU Business Avenues

With Thailand battling to come up with a safe and sustainable manner of re-opening its borders, and the footage of the street protests reaching out to a world audience, foreign investors are saying they need more details of what they can or cannot do in Thailand under the new State of Emergency.

The Thai Chamber of Commerce is calling for additional details and a long term “plan” about how Thailand is going to slowly re-open and how foreign businesses can continue to invest in the country under the current “restrictions”. The State of Emergency, announced hastily on Thursday morning at 4am and then endorsed by the Thai cabinet yesterday afternoon, sends mixed signals to business and the Thai Chamber of Commerce is seeking more clarification.

TCC chairman Kalin Sarasin says that foreign investors are enquiring whether they can go ahead with holding conferences and meetings in Thailand, after the decrees’ ban on gatherings of more than 5 people. People in a BTS Skytrain carriage, or even the meeting of the Thai cabinet yesterday are gatherings of more than 5 people, so the TCC want answers to what, specifically, is allowed and what is not.

The Nation reports that Chambers of commerce in Thailand’s provinces are also asking Kalin if they will be able to continue with planned activities.

“It would take a few days to judge whether emergency rule will hit foreign-investor confidence. The economy could escape damage from political turmoil if the anti-government protests end soon.”

Meanwhile, according to the Japan External Trade Organisation, Japanese “faith in Thailand remains high”,  JETRO president Atsushi Taketani says that Japanese investors “were still confident in Thailand and remain committed to driving its economy regardless of current political situation”.

The Industrial Estate Authority of Thailand says that Thailand’s core economic showpieces, including development of the Eastern Economic Corridor, won’t be affected by escalating political tensions.

And the deputy governor of the authority, Attapon Jirawatjanya, stated that… “ongoing anti-establishment protests would be a short-term problem”.

SOURCE: Nation Thailand

 

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11 Comments

11 Comments

  1. Toby Andrews

    Saturday, October 17, 2020 at 12:29 pm

    The clarity is obvious.
    the country is heading for a recession.
    Corruption is rife.
    You cannot enter without a lot of expensive delaying regulations.
    There is a dictatorship in power, ruling with lies and corruption, who will not allow an election.
    Take your money elsewhere. You will lose it in Thailand.

    • Richard

      Saturday, October 17, 2020 at 7:47 pm

      Absolutely correct

  2. James Scott

    Saturday, October 17, 2020 at 8:40 pm

    I actually used to invest in several Thai companies, as I lived in Thailand for many years, but pulled my money out of the country in April soon after the borders were shut as I could see where this entire mess under this corrupt government was heading.

    I eventually shifted most of that money to companies in Sweden and Taiwan, as these are the countries not panicking about covid and whose economies, and thus companies, will be well ahead of much of the rest of the world when this panic and idiocy ends.

    So far, my investments have seen quite decent returns. So much so, I’ll be buying more shares before the end of the year, whereas Thailand is just about the last country I would invest in right now.

    Most other international investors seem to be thinking the same thing, primarily because it is looking very likely Thai banks will start having major problems by the end of the year as hundreds of thousands of Thais default on loans. That will kick off a massive economic catastrophe in Thailand nobody investing money would want to experience.

    • Issan John

      Sunday, October 18, 2020 at 1:41 am

      Sweden and Taiwan?

      Based on their reaction to Covid-19?

      That’s odd … the last time I checked, one minute ago, Sweden had closed its borders to all outside the EU and UK, and Taiwan had closed its borders to all tourists.

  3. PJ

    Saturday, October 17, 2020 at 11:54 pm

    If the borders remain closed for years. Expect economic catastrophe. The underground economy is all about tourism. The government has no idea the money made off the books from international travel.

  4. Crispy

    Sunday, October 18, 2020 at 12:05 am

    The major problem is the paperwork and expenses of getting into Thailand to manage one’s investments. Now with the government resisting change it is looking more and more boxed in.

  5. West Tiger

    Sunday, October 18, 2020 at 1:23 am

    No business’s or business people are going to invest in Thailand at the moment with the way things are, and properly wont until the junta is replaced.
    These are very dark days for Thailand

  6. Noneya Bidnizz

    Sunday, October 18, 2020 at 1:48 am

    Spot On Gentlemen , NO ONE in Their Right mind would invest in Thailand Now Due to All That You`ve mentioned !

    STEP DOWN NOW PRAYUT , TAKE YOUR ILL-GOTTEN MONEY AND LEAVE BEFORE YOU ( FURTHER) DESTROY THIS BEAUTIFUL COUNTRY AND HER PEOPLE !!!!!

    And take your “muppets“ with you !!!

    May the Students and common sense prevail !!!

  7. Jimmy Giggle

    Sunday, October 18, 2020 at 1:45 pm

    This is way beyond finance and money now. It is about human decency and I am astounded as to why heads of countries are not doing anything about dictators. Poor efforts all round. Humans 0. Disaster 1.

  8. Mel Burn

    Monday, October 19, 2020 at 12:48 am

    Even if you invest in Thailand or buy property – you do not get any permanent residentship – then you can be locked out of your property. Why invest then?

  9. Issan John

    Thursday, October 22, 2020 at 1:26 am

    You mean like most other countries, as fewer are “selling” residency?

    If they do they’re accused of corruption and greed, if they don’t they’re accused of not supporting the economy … hmm …

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