Thailand PM urges Indian businessmen to invest in his country

Reuters: Thailand’s Prime Minister, Prayuth Chan-ocha, last week urged the Indian businessmen community to invest in his country in an attempt to boost a sluggish economic period.

Chan-ocha arrived in New Delhi with senior ministers and a 46-member business delegation on a three-day bilateral visit.

Ahead of the prime minister’s trip, Thailand approved a plan to double tax breaks for private investors this year to boost sluggish investment. Under the plan, investors will be able to double their tax deductions if they start a project this year, and new projects will not need to be completed within a year to qualify.

Addressing Indian businessmen in New Delhi, Chan-ocha assured them assistance with their investments in energy, bio-technology and other key sectors.

“We have much potential. We have many opportunities. To dwell about our opportunities - be they in the form of the Special Economic Zones in Thailand or in the clusters, I will help you to invest in our five-targeted new industries.”

The junta that seized power two years ago in a May 2014 coup has focused on driving public infrastructure investment and private investment to boost economic activity.

But consumption and exports have been persistently weak and Thais are deeper in the red than most in Asia, with record household debt at 81.5% of the Gross Domestic Product (GDP).

Chan-ocha also laid special emphasis on boosting bilateral tourism.

“If leadership moves together then our people can also move together so the important thing is to involve intensive engagement between our two countries, especially in the area of tourism. How can we promote year-around two-ways tourism?” added Chan-Ocha.

Thailand predicts 3.3% economic growth this year, slightly higher than their central bank’s 2016 economic growth forecast of 3.1%.

Earlier in the day, India and Thailand pledged to combat militancy and agreed to deepen maritime cooperation in the Indian Ocean.

Indian Prime Minister Narendra Modi and Chan-ocha, accompanied by senior officials, held wide-ranging talks on trade and commerce, education, science and technology and people-to-people contacts.