Conjunction affects Thailand’s image: Kongkiat

The government must urgently address the court’s injunction on the 76 industrial projects or this would damage the country’s image and lead to the sovereign rating, said veteran investment banker Kongkiat Opaswongkarn. Kongkiat said on Thursday that this is a very critical issue as this is against Thailand’s policy to draw investment. While this injunction affects the existing projects, it could also divert new investment to other countries. As such, it would affect inflows to the Thai stock market. This confirms Thailand’s management failure in the past 3 years and Thailand is growing on the depleting resources, he added. Stock analysts have revised down earning forecasts of listed companies which are affected by the order, particularly PTT Chemical Plc and Siam Cement Plc.