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Published on February 8, 2008

"The biggest problem today is that investors lack confidence, because the industrial sector is the key to driving growth in the country's gross domestic product," Suwit said on his first day in office.

He is confident the campaign will stimulate investment and that total net applications submitted to the Board of Investment (BoI) will be higher than last year's Bt655.8 billion worth.

Under the campaign, projects that use advanced and environmentally friendly technologies - particularly in the electronics, automotive and steel industries - are targeted, as well as those involving alternative energy and the software industry.

He has also targeted promotion of the service sector, particularly healthcare, from which the country could generate revenue of more than Bt100 billion from foreign patients.

Suwit is also promoting small and medium-sized enterprises (SMEs) through a package that will help them with production, packaging design, marketing and financing.

Suwit said the government would provide a village fund of Bt80 billion that would stimulate the local economy. The Industry Ministry, the Office of Small and Medium Enterprises Promotion (Osmep) and the SME Bank will seek more funds for small operators to borrow at low interest.

Industry Ministry permanent secretary Chakramon Phasukavanich said more than 20,000 small entrepreneurs registered at Osmep had the potential to expand their business but that they faced financial problems.

So far, neither Osmep nor the SME Bank have estimated the project's budget. He said the SME Bank had cleared some of its non-performing loans and that borrowers under the project would have their collateral verified under very strict guidelines, so as to prevent yet another huge amount of bad debt.

Suwit said he would continue the previous government's potential policies and revive good ones from the ousted Thaksin Shinawatra government, adding that he would place importance on public-private partnerships.

All of the ministry's departments have been assigned to draw up and report their significant policies soon, including the BoI's investment-promotion plan.

Chalida Ekvitthayavechnukul

 The Nation