Thailand approves large-scale projects to spur economy hinh anh 1Visitors to the Grand Palace in Bangkok, Thailand, on June 7 (Photo: AFP/VNA)

Bangkok (VNA) Thailand’s Board of Investment (BoI) recently approved five large-scale projects with a total investment value of 41.83 billion THB (1.34 billion USD) in an effort to reactivate economic drivers after the country began easing lockdown measures.

Local media reported that BoI Secretary General Duangjai Asawachintachit announced the move after a board meeting chaired by Prime Minister Prayut Chan-o-cha on June 17.

On June 15, Thai Deputy Prime Minister Somkid Jatusripitak urged the BoI to make tax incentives and investment packages more attractive to foreign agri-businesses to turn Thailand into an investment hub for CLMV (Cambodia, Laos, Myanmar and Vietnam) countries.

The Thai government wants to draw more investors as the COVID-19 pandemic may cause them to consider changing their production bases, he said, adding that the country also aims to stand out among Cambodia, Laos, Myanmar and Vietnam as an investment destination.

The Thai economy is said to be on way to enter recession after contracting 1.8 percent in the first quarter, the sharpest decline since the fourth quarter of 2011 when the country was hit by floods.

The Bank of Thailand recently forecast the economy may experience stronger contraction than previous estimates. Earlier, it revised down this year’s growth projection for Thailand from 2.8 percent to -5.3 percent due to the COVID-19 pandemic./.