Thai Deputy PM visits Japan

BANGKOK, June 6 (TNA) -- Deputy Prime Minister Somkid Jatusripitak visited Japan to introduce his government’s Eastern Economic Corridor (EEC) project to local investors. Meanwhile, a banker expressed concern on slow Thai economic growth due to slight increase in private investment. In Japan, Mr Somkid led his economic team to meet entrepreneurs on innovative and medical products and representatives of Subaru Corp and petrochemical companies. His delegation expected the Japanese operators would start to invest in the EEC either late this year or early next year. The delegation also discussed the production of railway parts with Hitachi executives and witnessed the signings of agreements for Thailand to distribute the products of Toyota Tsusho in Africa and for the development of medical products. Amornthep Chawla, research head at CIMB Thai Bank, said the Thai economy should grow by 3.2% this year and Thai export should increase by 3% and would significantly drive the economic expansion. He expressed concern that private investment had grown slowly for four years, by 0.7% this year. He encouraged the government to boost confidence in the private sector by maintaining government investment projects beyond the next general election. Otherwise, he said, slow economic growth would continue for a long time. Nattapol Rangsitpol, director of the Thailand Automotive Institute, said 3-4 automotive manufacturers were likely to invest in electric vehicle production in Thailand. He expected more than 20 billion baht would be invested for the purpose and more than 100,000 electric vehicles would be produced in five years. (TNA)