In spite of the political mess, foreign companies wanting to invest in Thailand increased by 24 per cent year on year last month, with a combined investment of Bt530 million, according the Business Development Department.
The department's director-general, Banyong Limprayoonwong, said that foreign investors still showed high interest to set up companies in Thailand under the Foreign Business Act even though the political turmoil undoubtedly has lowered investors' confidence.
"Japanese investors have shown the highest interest in setting up new firms in Thailand, followed by Spain, in particular in the building rental business, accountancy and law consultancy" he said.
Twenty-six foreign companies won approval last month under the FBA to set up businesses in Thailand . Since the passage of the Act in 2000, 2,466 foreign companies have been approved, bringing Bt35.48 billion in foreign exchange into the country.
Businesses approved last month included CGGVeritas Services of France - to conduct a geological survey by two-dimension and three-dimension measurements for PTT Exploration and Production Siam. Also approved were Northern Gulf Oil (Thailand) and Twinza Oil, which won concessions from the Energy Ministry.
The department also granted approval for ING Funds (Thailand) to engage in fund-service management in Thailand after changing its company structure. The firm employs 108 Thai staff.