Foreigners rip new rules on ownership

Foreigners rip new rules on ownership - Bangkok Post, January 10, 2007
...But the moves are seen as a step backward at a time when competition is intense for foreign direct investment. Thailand, which is already facing a protracted political crisis, saw investment applications in the first nine months of 2006 halved to $5.4 billion from the same period in 2005.
''What is Thailand doing? Countries like Vietnam are looking to relax foreign limits, and we are looking to tighten them?'' Mr Depew asked...
''The main problem with this army-sponsored government represented largely by retired army generals is lack of experience in politics. ... Ministers are using a 'learn on the job' method. The result is simple _ confusing policies exposing their inexperience and hurting foreign investment, investor confidence, domestic consumption and the country's image [further],'' Vikas Kawatra, head of institutional sales at Kim Eng Securities, said in a note to clients.
''Imposing restrictions on FDI is simply wrong _ even though the intention behind the move is to punish the deposed PM Thaksin Shinawatra. I think these two steps aren't the last silly moves expected from this government.''
Citicorp Securities said hopes of a possible compromise were shattered, and called the moves the ''worst-case scenario''. It recommended its clients remain underweight in the Thai equity market...
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