Special Report: New BOI board to regain investors’ confidence

Thursday, 12 June 2014 By  NNT

The National Council for Peace and Order (NCPO) has appointed a new Board of Investment (BOI) and revoked curfews in major tourist destinations. 

Secretary-General of the Thailand Board of Investment Udom Wongviwatchai said that the new BOI Board, chaired by Head of NCPO General Prayut Chan-O-Cha, comprises 13 members and five advisors. The announcement appointing the new Board says the objective is to move investments forward smoothly and efficiently.

There are many pending investment projects, worth a combined value of 700 billion baht waiting for promotional privileges to be granted by the BOI. General Prayut said that the entire projects would not be approved at one time because an approval for any project would have to be made on a thorough consideration. Emphasis will be placed on projects concerning alternative energy sources and those that will create more job opportunities for the people and strengthen the country.

He stated that the NCPO will expedite the approval of various projects to stimulate the market. The BOI will discuss projects that need executive approval at the ministerial level. Foreign investments, especially those with high value and long-term contracts, will also be reviewed. All agreements must be legal, honorable, and acceptable to the Thai people.

The BOI Secretary-General said that the BOI would hold meetings with foreign chambers of commerce and investment seminars to create better understanding about Thailand’s investment situation. Related laws will be revised in accordance with the changing situation, with incentives to attract foreign investors.

Moody's Investors Service has recently affirmed Thailand's stable rating outlook. The stock market has continuously risen, with a high volume of trade.

Concerning the tourism situation, 20 additional major tourist destinations are now curfew-free. They are Kanchanaburi, Ratchaburi, Rayong, Chanthaburi, Phetchaburi, Trat, Nakhon Phanom, Sakon Nakhon, Roi Et, Loei, Surin, Tak, Sukhothai, Mae Hong Son, Uttaradit, Phrae, Nan, Trang, Satun and Songkhla.

According to the Tourism Authority of Thailand, these 20 destinations are among the most-visited tourist areas in Thailand, so the lifting of the curfew demonstrates the NCPO’s commitment to promoting tourism, which it identified as one of the Kingdom’s key economic drivers.

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