Major foreign firms to remain investment in Thailand

BANGKOK, December 9 (TNA) - Deputy Prime Minister and Commerce Minister Kittirat Na-Ranong said on Friday that he believes several giant foreign firms will continue using Thailand as their production bases. Kittirat insisted that only a few manufacturers have closed down their operations, following recent flooding, while several large-scale industrial operators have maintained their production bases in Thailand, seen from applications seeking for promotional privileges from the state-run Board of Investment of Thailand (BOI). According to the Thai deputy premier, the government's flood prevention measures will be materialised next year and they should create more confidence among business operators; while new loans will also be extended for local manufacturers this month and in January next year for use in their building flood barriers. The deputy premier acknowledged that the Thai government also plans to look after industrial firms outside industrial sites, as officials will negotiate with local farm owners for using their land to contain excess water in exchange for the government's compensation. The deputy premier's remarks followed reports that a number of foreign-owned firms, namely Sanyo Semiconductor (Thailand) Co., Ltd. at the Rojana Industrial Park in Thailand's central Ayutthaya Province, had decided to shut down their operations after they were damaged by this year's massive flooding. (TNA)