Hong Kong-based multinational conglomerate the QI Group plans to invest up to Bt1 billion in the hotel and resort business in Thailand this year and next year.

This is part of the group's investment budget of US$150 million (Bt5.2 billion) per year in the world market.

According to managing director and CEO Vijay Eswaran, who visited Bangkok this week to lecture at Assumption University, Thailand is a prime location for the group's regional resort development.

The group will focus on tourist destinations Chiang Mai, Hua Hin and Khao

Yai in Nakhon Ratchasima province.

"It could be our own investment or through joint ventures with local partners, depending on conditions. However, we're confident in our investment in Thailand in the long term," he said. The QI Group invested Bt300 million to take over and renovate the Nordic Resort on Koh Samui last year. The renovation will be completed and the resort will reopen in June under the new name Prana Resort & Spa. The company also invested Bt120 million in condominium units in Bangkok and Phuket in 2005.

"We started our business in Thailand seven years ago by launching our group business through e-commerce, but now we have started direct investment in Thailand," he said. The QI Group was established in 1998 in Hong Kong by Eswaran, a Malaysian businessman. Its first business was as a distributor of various items, including limited-edition coins, through the Internet.

The QI Group has since experienced explosive growth and includes a diverse portfolio ranging from gold and coins, travel and holiday packages, telecom products and media.

The group now has offices in more than 20 countries around the world. It recorded turnover of $770 million in 2005 and had continued growth of 20 per cent in 2006. Up to 60 per cent of its turnover came from e-commerce and the rest from other business.

In 2005, the group took over Swiss watch manufacturer, Cimier, worth $20 million. The group also took over UK-based telecom firm United Networks, which changed its name to QI Comm in 2006.

Eswaran said the property sector represented the company's first business expansion in Thailand. The group is also interested to expand to other business in Thailand, such as media and entertainment, technology and telecommunications, and training and education.

"We are not concerned about Thailand's political risk because we know that governments come and go but the monarchy remains, according to Thai history, and that means Thailand has stability for our investment," Eswaran said.

Somluck Srimalee

The Nation