Bangkok--10 May--EXIM Thailand
EXIM Thailand sets an aggressive lending target to extend 5 billion baht in 2006 to support Thai investment projects overseas, especially those concerning the Kitchen of the World campaign or production base relocation to neighboring countries.
According to Dr. Narongchai Akrasanee, Chairman of the Board of Executive Directors and Acting President of Export-Import Bank of Thailand (EXIM Thailand), the Bank expects to approve 5 billion baht in overseas investment financing facilities this year, with priority given to Thai restaurant investments and relocation of industrial production to neighboring countries. In 2005, the Bank extended loans to overseas investment projects in the amount almost doubling the 2005 target. Of this amount, 60% were loans to overseas construction projects undertaken by Thai contractors such as the construction of resort condominiums in the Middle East and dams in Laos and Brunei. Meanwhile, 16% were loans to hotel and spa businesses in Asia and the US, 7% to sugar mills in Bangladesh and the Philippines and 17% to other projects. The figures reflect a rise in the number of Thai entrepreneurs having potential to expand their investments or relocate their production bases overseas.
Dr. Narongchai added that in an attempt to help increase the global market share of Thai food industry and manufacturing sector, EXIM Thailand has been fully supportive of the government-promoted Kitchen of the World and Contract Farming programs by advocating production cost efficiency and business operation standardization. Moreover, the Bank, in collaboration with related agencies, including the Federation of Thai Industries, Office of the Board of Investment, Thailand International Development Cooperation Agency (TICA) and Neighbouring Countries Economic Development Cooperation Agency (NEDA), has provided both in-depth information and financial support to Thai entrepreneurs with potential to expand or relocate their investment overseas, particularly neighboring countries for the mutual benefit of Thailand and the target countries of investment.
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