Economic Recovery Brightening Prospect for Business Investment in Thailand

Top Quote Prominent Thai law firm BSA Law welcomes brightening prospects for economic growth and foreign direct business investment in Thailand this year after widespread flooding in 2011. Thai business law services and tax consulting in Thailand are set to grow along with increasing economic activity. End Quote
  • (1888PressRelease) July 26, 2012 - Bangkok - Prominent Thai law company BSA Law welcomes the Thai government's handling of flood recovery programs and the economy that has made possible increased economic growth and foreign business investment in Thailand this year.

    The Thai Ministry of Finance has raised its economic outlook for the full year of 2012 to gross domestic product growth of as much as 6.2 percent on year, compared to a previous forecast of 5.5 percent after an increase in foreign direct business investment in Thailand and other economic activity helped by recovery from widespread flooding last year.

    "While many economies in the world are finding themselves on uncertain ground in 2012, the Thai economic outlook is brightening considerably, creating increasingly attractive opportunities for business investment in Thailand," BSA spokesman Apisakde Kongkangwanchoke said. "The services to support that investment, such as Thai law consulting and tax consulting in Thailand, are also looking up and well-placed to service the predicted continuing rise in foreign investment."

    Shortly before the Ministry of Finance released its revised 2012 growth projections, the Thai Board of Investment announced encouraging figures for the first five months of foreign direct business investment in Thailand.

    Foreign direct business investment in Thailand jumped 45 percent in the first five months of this year compared to the same period of last year, Board of Investment Secretary General Mrs. Atchaka Sibunruang announced on June 26. Investment increased to 205.6 billion Thai baht between January and the end of May of this year, compared to 141.39 billion Thai baht in the same period of 2011.

    The greatest amount of foreign direct business investment in Thailand went to metal products, machinery and transport equipment, and electronic industry and electrical appliances - areas that bode well for future growth.

    The economic growth forecast - which the Ministry of Finance said was increased partly because of rapid recovery from the flooding that prompted economic shrinkage in 2011. As part of the recovery program, the BOI also announced in June an extension of its program to assist flood recovery by allowing 101 companies to skirt normal Thai visa services and continue hiring unskilled foreign workers. The announcement was couples with an extension of incentives to boost production capacity through capital business investment in Thailand.

    "The Thai economic recovery, along with an increasingly positive outlook for the year, constitute a significant bright spot in an international business climate surrounded by uncertainty over slow global growth and a troubled European finance environment," BSA's Apisakde Kongkangwanchoke said. "More and more, a stellar option for international investors is clearly Thai business investment."

    The increasing economic activity and foreign investment, Mr. Kongkangwanchoke noted, is prompting rising interest in Thai business law, Thai visa services, tax consulting in Thailand and many of the other services that foreign investors find they need when entering the Thai market.

    Taking advantage of the warming business climate in the country, the Thai government is continuing a series of road shows it started in January to drum up further deals with foreign companies. So far, the government has met with companies interested in business investment in Thailand during trips to Japan, Korea, Canada, China, the Middle East and elsewhere.

    About BSA Law:

    For nearly 30 years, Bamrung Suvicha Apisakdi Law Associates (BSA Law) has focused on providing reliable legal advice and services to the Thai and foreign business community in Thailand. BSA Law seeks to provide international standards of legal services while retaining the customs of the Thai business culture.

    For more information please contact:

    Jim Byrne
    Business Advisor, BSA Law.
    Email: jim ( @ ) bsalaw dot co dot th

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