Thai PM Shinawatra Woos Cash-Rich Indian Investors

By P.Vijian NEW DELHI, Jan 25 (Bernama) -- Thai Prime Minister Yingluck Shinawatra today invited cash-rich Indian businessmen to invest in her flood-hit economy, assuring their investments will be protected from water disasters. The elegant 44-year-old Shinawatra, on her maiden visit to India, said the nation's bruised economy would bounce back as economic fundamentals were robust. "Our fundamentals are strong and we expect a five per cent economic growth this year. Our consumption is growing and the government is pushing to increase demand. "We will spend US$11 billion (RM34 billion) to improve water management systems to protect key investment and economic areas," Shinawatra said at business conclave in Delhi. The Buddhist nation suffered the worst flood disaster in nearly 70 years in 2011, where nearly 15,000 factories were damaged and losses estimated at nearly US$45 billion.. Thailand, the second largest economy in Southeast Asia after Indonesia, managed a meager 1.5 per cent economic growth last year due to the floods. Strategically located, once dubbed as "Asia's Venice", Thailand became a powerful magnate wooing foreign investors, especially in the automotive sector, where world class car makers made it their manufacturing base. "We are strategically located in Southeast Asia and Thailand is committed to increase regional connectivity in the sub-Mekong and Asean region, home to about 600 million people," she added. India-Thailand bilateral trade stood at US$7 billion in the first 11 months of 2011 and was projected to touch US$14 billion by 2014, once the free trade agreement is in place. Shinawatra was invited as the chief guest for India's Republic Day celebration on Jan 26. -- BERNAMA