Amata predicts drop in sales
Amata Corp said yesterday its sales revenues would drop, because investors might move out of Thailand after the announcement of the proposed amendments to the Foreign Business Act.
Several negative factors - government policies, the New Year's Eve Bangkok bombings, terrorist attacks in the South and the increasing interest rate - would render Thailand's investment climate worse than last year. Amata reported land sales of 545 rai last year, a drop of 60 per cent compared with 1,479 rai the year before. As the biggest private industrial-estate developer, the company has expressed concern that the amended Act would affect its land-sale projections this year. In addition, the Bank of Thailand's policy, particularly the 30-per-cent reserve requirement on capital inflow, has caused investors to wait for clearer regulations. "We need the government to provide clearer details to convince investors to maintain their investment here; otherwise, they may move out," he said. Director and senior vice president Viboon Kromadit said that most investors did not understand the details of the new policies.
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