Nod for 174 foreign firms

A total of 174 foreign companies won approval to set up businesses in Thailand in the first eight months of the year, a Business Development Department report shows.

Urawee Ngowroongrueng, deputy director-general of the department, said fewer foreign firms were approved because of slower economic growth and different types of enterprises becoming interested in doing business in Thailand.

Last year, there was a large amount of capital investment as many businesses were involved in financial services, including creditors and factoring.

Popular businesses this year include petroleum and mining, railway construction, and development of basic infrastructure.

Urawee said the department's Foreign Business Act board had approved the plans of 22 foreign companies to set up businesses in Thailand worth Bt2.84 billion in August. The businesses will create at least 55 jobs for Thais.

One of these companies is the engineering consultant for railway and station construction under the Blue Line project of the Mass Rapid Transit Authority. Others are the consultant firm for developing a water pipeline for the Metropolitan Waterworks Author­ity, the engineering service for constructing a gas pipeline for PTT, and gold-mining construction service for the Industry Ministry.