ID :
174594
Mon, 04/11/2011 - 14:04
Auther :
Shortlink :
http://m.oananews.org//node/174594
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Thailand to contribute to ASEAN Utility Fund
BANGKOK, April 11 (TNA) - The Thai Finance Minister Korn Chatikavanij said on Monday that Thailand will contribute an initial 15 million US dollars to the ASEAN Utility Fund, a newly-established central financial source for basic infrastructural development in member countries of the Association of Southeast Asian Nations (ASEAN).
Korn explained that he and other ASEAN finance ministers had decided on the fee during a meeting in Bali, Indonesia, over the weekend, and that its inauguration was expected later this year. The contribution, he said, aims to ensure that all member countries' are able to develop infrastructure without relying too heavily on the US or European sources.
Korn said that Thailand also plans to invest in bonds issued by the ASEAN Utility Fund in the future using the country's international foreign reserves kept at the Bank of Thailand (BOT).
According to the minister, discussions at the Bali ASEAN finance ministers' meeting included the possibility of further cooperation on tax reductions to keep regional tax policies on the same track, drawing more foreign direct investment (FDI) projects into the 10-nation bloc, which would benefit ASEAN as a whole as well as individual member states.
The Thai finance minister said that the Bali regional forum also agreed on a new "ASEAN Stars" project under which will see, for the first time, some 30 selected outstanding stocks of ASEAN member countries specially traded on a newly-set up-central bourse as pooled ASEAN shares to boost their values and trade volumes, attracting more international investors. (TNA)
Korn explained that he and other ASEAN finance ministers had decided on the fee during a meeting in Bali, Indonesia, over the weekend, and that its inauguration was expected later this year. The contribution, he said, aims to ensure that all member countries' are able to develop infrastructure without relying too heavily on the US or European sources.
Korn said that Thailand also plans to invest in bonds issued by the ASEAN Utility Fund in the future using the country's international foreign reserves kept at the Bank of Thailand (BOT).
According to the minister, discussions at the Bali ASEAN finance ministers' meeting included the possibility of further cooperation on tax reductions to keep regional tax policies on the same track, drawing more foreign direct investment (FDI) projects into the 10-nation bloc, which would benefit ASEAN as a whole as well as individual member states.
The Thai finance minister said that the Bali regional forum also agreed on a new "ASEAN Stars" project under which will see, for the first time, some 30 selected outstanding stocks of ASEAN member countries specially traded on a newly-set up-central bourse as pooled ASEAN shares to boost their values and trade volumes, attracting more international investors. (TNA)
