Somkid said the tourism industry was now targeted to grow 20 per cent, which would help offset the Kingdom's trade deficit.

"Every concerned government agency should lay down an aggressive plan to boost the economy in the remainder of the year," he said.

In particular, the Board of Investment should grant more tax incentives to attract foreign investors, the minister said, with privileges focusing more on tourism and related services, as well as the processed-food sector.

Banpu expands

Coal and electricity producer Banpu Plc expects its performance this year to grow as planned, despite floating diesel prices in Indonesia and higher coal-production costs.

It is focusing on diversifying into power generation and increasing its cost-management efficiency, in order to ensure sustainable growth.

The company reported a first-quarter net profit of Bt742 million, down Bt827 million, or 53 per cent, from the same period last year, due partly to a paucity of non-core divestment gains during the quarter. But first-quarter revenue was Bt7.58 billion, up 51 per cent, from the same period last year, because of increases in both volume and the price of  coal.