Singaporean companies in Thailand have not encountered major disruptions in operations: Shanmugam
- POSTED: 21 Feb 2014 18:03
Foreign Affairs Minister K Shanmugam said Singaporean companies in Thailand have not encountered major disruptions to their operations, said Foreign Affairs Minister K Shanmugam in a written reply to parliamentary questions from Nominated Member of Parliament Mary Liew.
SINGAPORE: Singaporean companies in Thailand have not encountered major disruptions to their operations, although they reported a slight drop in overall business volumes.
Foreign Affairs Minister K Shanmugam said this in a written reply to parliamentary questions from Nominated Member of Parliament Mary Liew on Friday.
Ms Liew had asked about the ministry's assessment of the civil unrest in Thailand, the implications of the outcome of the recent Thai elections for Singapore, and the economic impact of unrest for businesses in Singapore and ASEAN.
Mr Shanmugam noted that supply chains remain mostly in place but noted that businesses also take political and security considerations into account.
Prolonged unrest could affect confidence and the business environment, which in turn could be a setback for Thailand and even ASEAN as a whole.
"Singapore naturally watches these developments with concern. Thailand is an important country and the second largest economy in ASEAN. It contributes actively to the building of a stable and prosperous ASEAN Community. Thus far, we have not observed significant economic disruptions resulting from the unrest in Thailand," said Mr Shanmugam.
"It is therefore our hope that all quarters in Thailand will be able to find a political solution and work towards the restoration of peace and order in the country, so that the situation will return to normal as soon as possible." he added.