"Biotechnology is one of our target industries because we need their [US] experience if we want to develop our country," he said.

Besides the biotech business, the Kingdom also targets US operators in electronic parts, automobiles and healthcare, Satit said.

Last week Deputy Prime Minister and Industry Minister Kosit Panpiemras announced plans to stimulate all investment projects - including petrochemicals - from both domestic and overseas firms, now that the pollution problems in Map Ta Phut have been addressed. Satit said the BoI would focus on door-knocking to attract foreign investors, while it would improve its services, both pre- and post-projects.

It will also create connections between large manufacturers and small and medium-sized operators by holding activities called Vendors Meet Customers in order to support growth in the SME sector.

He said foreign direct investment (FDI) in the first four months of the year totalled Bt92 billion, increasing from Bt74 billion in the same period last year.

FDI from the US increased to Bt8 billion, up from Bt1.7 billion a year ago, thanks to resistor-manufacturing projects and bearings plants.

The BoI chief said FDI from Japanese firms rose to Bt44 billion, up from Bt28 billion. He added that they were still interested in investing in the electronic-parts industry and establishing international sourcing centres.

Meanwhile, net investment applications for the first four months were worth Bt160 billion, an increase of 14 per cent from the same period last year.

"The net applications show Thailand's investments are going well despite the economic slowdown," he said.

Of the total, Bt44.3 billion came from the petrochemicals, paper and plastics industries, which almost trebled from Bt16.4 billion in the same period last year.

Satit believes net applications for petrochemicals will rise to Bt100 billion in the second half, due to the National Environmental Board's approval of the continuation of projects in Map Ta Phut and other estates in Rayong province.

Net applications from operators in electronics and the electrical-appliance industry were worth Bt18 billion, dropping 63.3 per cent from the same period last year.

Chalida Ekvitthayavechnukul

 The Nation