From Thai News Agency

BANGKOK, June 26 (TNA) – Industry and Deputy Prime Minister Suwit Khunkitti on Wednesday conceded that Thailand’s ongoing political turmoil had somewhat dampened investment, but the ministry still maintained a target value of investment promotion applications at Bt600 billion for this year.

He said although the anti-government political demonstration would affect investor confidence to some extent, no foreign investors are expressing their intention to slow or withdraw their investment from Thailand.

In contrast, some foreign investors had continued to come to explore investment opportunities in Thailand.

Next week, he revealed, executives of Fiat, the giant Italian automaker, would meet with him to seek information on the investment outlook in Thailand as a vehicle production base.

He said that Fiat is in a position to produce E85 compatible vehicles and small cars that are in market demand.

E85 is a blend of 85 per cent gasoline and 15 per cent ethanol.

Should the carmaker decide to invest, the Italian investment would amount to at least US$1 billion or Bt40-50 billion which would flow into Thailand.

“Undeniably, the political problem has somewhat affected investment. It is the duty of everyone to help prevent any undesirable incidents,” the minister said.

“State agencies must try to explain (the situation so investors have a) proper understanding or to adjust their (investment attraction) strategy to prepare for any untoward incidents,” Mr. Suwit continued.

“However, we believe the total value of investment promotion applications will reach Bt600 billion as targeted for this year,” Mr. Suwit said. (TNA)