3.3B$ fund for business rehab in Thailand for Cabinet approval

Commerce Minister Kittirat na Ranong on Monday unveiled after meeting with flood-hit manufactures that the ministry plans to propose the Cabinet for the consideration of a set-up of 100-billion-baht fund (3.3 billion US dollars) for business reconstruction. The Monday meeting was held to discuss ways to revive affected businesses with representatives of factories from eight inundated industrial estates including Saharatana Nakorn, Hi-Tech, Bang Pa- in, Rojana and Factory Land in Ayutthaya province as well as Bangkradi and Navanakorn in Pathum Thani province. The commerce minister said the meeting aimed at enabling those flood-hit entrepreneurs to resume their production in 45 days after floods subside. Meanwhile, the Board of Investment of Thailand will grant eight- year tax exemption to the affected manufacturers when importing machineries or equipments from abroad, according to Kittirat. Is has been initially estimated that damage cost for those flood-stricken industrial parks, homes to over ten thousand factories, could be at least 100 billion baht (3.3 billion US dollars) or cut economic growth projection of this year by one percent, according to experts.