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Thailand to clear backlog of foreign investment projects by August

Published on May 22, 2014 9:45 AM

NEW YORK (REUTERS) - Thailand's political turmoil over the last six months has caused a backlog of roughly 200 foreign investment projects awaiting government approval, the equivalent of about 400 billion baht (S$15.4 billion), a senior government official said on Wednesday.

Ajarin Pattanapanchai, deputy secretary general of the Thailand Board of Investment, expects the projects, each exceeding 200 million baht in value, will be cleared by August.

"It is around 400 billion baht... It will take about two to three months to clear it," Ajarin told Reuters in an interview while in New York to speak with US investors.

Thailand has been without a proper government since December. As a consequence, the BOI board, which approves major investment applications, was not reappointed until last month. Its two-year term expired in October 2013.

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