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Foreign investor mood rises over Thai reopening plans - survey

Foreign investor mood rises over Thai reopening plans - survey

People enjoy the sunset at a beach, as Phuket allows foreigners fully vaccinated against the coronavirus disease (COVID-19) to visit the resort island without quarantine, in Phuket, Thailand, September 17, 2021. REUTERS/Athit Perawongmetha

BANGKOK : Foreign investors showed more confidence in Thailand's tourism-dependent economy, a survey of Thailand-based foreign investors showed on Thursday, as the Southeast Asian country prepares to re-open to foreign visitors.

The region's second-largest economy has been struggling to recover from coronavirus restrictions that slowed economic activity. Many of those curbs have since been relaxed and Thailand will reopen to more vaccinated foreign visitors without quarantine from Nov. 1 to help its struggling tourism sector.

An index of foreign business confidence in the third quarter rose to 41.7 from 27.7 in the previous three months, with most foreign investors expecting the economy to recover in the fourth quarter, the survey by the University of the Thai Chamber of Commerce showed.

"Foreign chambers think the time for economic recovery has come", Stanley Kang, chairman of the Joint Foreign Chambers of Commerce in Thailand, told a briefing.

The chambers were confident that there would be more investment towards the first half of next year, he said.

"Thailand is still attractive for investment, but COVID has slowed down everything," Kang said. "If we manage the outbreak well, investment will come in faster," he added.

(Reporting by Satawasin Staporncharnchai; Editing by James Pearson)

Source: Reuters

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