WB:Thailand is ranked 18th for favourite global investment hub

BANGKOK, October 25 (TNA) - The World Bank says Thailand is this year ranked the world's 18th best economy for promoting foreign direct investment (FDI) with incentives and facilities; while Singapore is ranked top for the 7th consecutive year. Kirida Bhaopichitr, Thailand-based World Bank senior economist, told the latest ranking at a press conference on the World Bank annual report 2012, themed “Doing Business 2013”, concerning business competitiveness of 185 countries worldwide, held in Bangkok Thursday, noting that Thailand fell from its 17th position in 2011. Kirida acknowledged that Thailand is ranked the 6th in Asia, after Singapore, Hong Kong, South Korea, Malaysia and Taiwan, and the 3rd in Southeast Asia, and that Thailand remains in the top 20 list of countries favourite for FDI though facing a flood crisis late last year; while neighbouring Singapore is ranked the most favourite economy for FDI for the 7th year. Kirida pointed out that Thailand has made important reform in two areas of business initiation and tax payment, with its corporate income tax dropping from 30 per cent to 23 per cent, leading to it is now seen easier to start businesses in Thailand. According to the World Bank senior economist, Thailand’s rankings have now improved in three areas, from 28th to 26th for property registration, from 100th to 96th for tax payment and from 24th to 23rd for contract enforcement, although Thailand's improvement is less and slower than that in other countries and, consequently, pulling the country's overall ranking to drop this year. The World Bank senior economist revealed, while Singapore is ranked the most favourite economy for FDI for the 7th year in a row, Malaysia has moved noticeably upwards from the 18th to the 12th in the world ranking. After Singapore, those countries ranked as the world's most favourite FDI economies include Hong Kong, New Zealand, the United States, Denmark, Norway, the United Kingdom, South Korea, Georgia and Australia. Among the world’s leading economic powers, Germany is ranked the 20th, Japan the 24th, France the 34th and China the 91st. Greece is ranked the world's 78th because it has strong economic fundamentals, despite its ongoing debt crisis. At the bottom of the World Bank's this year ranking is the Central Africa Republic. (TNA)