Govt woos foreign investors to EEC

In his opening remarks at a forum for global fund managers yesterday, Prayut said Thailand was aiming to develop its competitiveness through innovations that would evolve into future industries.
He put forward the country’s 10 strategies for the future, including preparations to become a developed economy, strengthening community enterprises, and integrating with the global economy.
He referred to the “Pracha Rath – State of the People” mechanism as a tool for moving Thailand forward, and said the government was seeking cooperation with all sectors of society.
He and his economic ministers invited foreign investors to get involved in the EEC, which he said would strengthen economic integration among Southeast, East and South Asia.
Prayut did not say when his junta would transfer power to an elected government.
“The political power transfer will happen when it does. It will take place as soon as possible, don’t worry,” he said. 
Fund managers from 20 global investment funds with combined assets under management worth US$7.66 trillion attended the one-day forum yesterday, which was hosted by the Stock Exchange of Thailand.
Deputy Prime Minister Somkid Jatusripitak said Western investors thinking about Thailand should decide quickly, otherwise Japanese and Chinese rivals would grab all of the investment opportunities in the Kingdom. 
He said that as the United States gives up its role as a world economic leader by leaving the Trans-Pacific Partnership, this opened vast opportunities for China to take a leading role in pushing global economic growth.
He said that to move Thailand forward, the government has to engage in geopolitics and geo-economics in the region by connecting with China’s Belt and Road Initiative and with neighbouring countries Cambodia, Laos, Myanmar and Vietnam (CLMV).
Somkid defended the controversial Sino-Thai high-speed-rail project. There was no international bidding for the project because it resulted from negotiation between the Thai and Chinese governments that settled on an investment figure of Bt180 billion for the first phase, he said. 
Uttama tried to convince the fund managers of the progress being made on the EEC project. He listed priority projects to start next year. These include expansion of U-tapao International Airport, high-speed rail in the Eastern region, a maritime gateway, leading targeted industries, future cities and digital and innovation incubators. 
He said carmakers would invest about Bt20 billion in electric-vehicle manufacturing over the next two years. He also claimed that Bt12 billion of investment in the robotics industry was planned for next year, but provided no details on where this would come from. 
Finance Minister Apisak Tantivorawong promised to launch the Thailand Future Fund in September or October. The fund will offer opportunities for both individual and institutional investors, he said.
The pilot fund will be about Bt40 billion and later expand to Bt100 billion, he said.
He later told reporters that Prayut wanted the Finance Ministry to give Thai investors the first chance at this fund before offering it to foreign investors. 
The government aims to raise money to finance investment in infrastructure projects in order to ease the burden on the state, as it will keep public debt under 60 per cent of gross domestic product.
One fund manager who asked not be named said he was confident in the military-led regime’s investment plan, but was not sure that a new nominally civilian government would carry on with these projects. 
He was also worried about a shortage of skilled labour in the future.