Japanese Chamber of Commerce's
take on the Thai elections and the economy in 2008
By Jon Fernquest |
The Japanese Chamber of Commerce (JCC) voiced their opinion on the recent elections in Thailand and the prospects for the Thai economy in 2008 yesterday.
They urged that a government be formed quickly and that "measures be taken to ease the strength of the baht."
The 7.1% rise in the baht during 2007 and the 1.3% rise since the beginning of the year have had a "big impact on exports."
Japanese applications for investment incentives increased from 110 billion baht in 2006 to 149 billion in 2007.
So despite baht appreciation, Japanese investors remain confident in the Thai economy.
Supporting industries, industrial policies, and human resources were all cited as Thailand's strengths that made it a desirable country to set up operations in.
Most of the interest in new investment comes from the electronics and automotive industries.
Thailand is also seen as a good place to locate regional headquarters and operations because of its large domestic market and comparatively stronger supporting industries.
India and Vietnam should be viewed as partners, not competitors.
The next Prime Minister should be a strong leader who can promote national reconciliation which is of the highest priority now.
Policies that "create fair competition to all investors, both local and foreign companies" should also be a top priority.
For past articles on Thai-Japanese trade see our archives.
(Source: Bangkok Post, 15-01-08, temp-link)
Vocabulary:
Japanese Chamber of Commerce (JCC) - the organisation representing Japanese business interests in Thailand
take on X - opinion about X
voiced their opinion - made their opinion known
prospects for - what might possibly happen
urged - encouraged to do
measures - steps taken to solve a problem
investment incentives - rewards to companies who invest (reduced taxes, for instance)
supporting industries - industries that supply the raw material or parts needed in good that are produced in the country (for example, automotive parts companies supplying parts for the assembly of automobiles)
industrial policies - government polcies to develop industries in the country
human resources - skilled workers
cited - used as an example
domestic - within the country
