Thai-Cambodian Economic Ties to Suffer Severely from Riots

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Last updated at: (Beijing Time) Friday, January 31, 2003

Thai-Cambodian Economic Ties to Suffer Severely from Riots

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The anti-Thai riots and destruction in Cambodia over the past few days would put 40 billion baht (952.4 million US dollars) a year in trade and investment and a tourist market worth 2 billion baht (47.6 milliondollars) between the two countries in jeopardy, the Nation newspaper said Friday.

Quoting a forecast of the Thai Farmers Research Centre (TFRC), the report said that the Cambodian crisis could undermine the economic ties between the two neighbors.

Last year, trade along their common border was worth 18.7 billion baht (445.2 million dollars), up 18.7 percent from the year before, with Thailand posting a surplus of 17.76 billion baht(422.8 million dollars). Around 400 Thai investors have done business in Cambodia.

Thai investment in Cambodia will also be affected, the researchhouse added.

With a policy of turning a battlefield into a trade market, Thai investors were keen to develop hotels, restaurants, banks, tourism and telecommunications in Cambodia. Prior to the Asian financial crisis of 1997, Thai investors put around 500 million baht (11.9 million dollars) into the country.

Investors were recently looking at joint ventures with Cambodians for casinos near the border areas. But now, those who have investments in Cambodia may hesitate to expand their investments and may revise their business plan for the country.

In the field of tourism, the Phnom Penh riots had cut the flow of Thai tourists to Cambodia and could lead many international travelers to think twice before going there, the TFRC said.

In 2001, more than 50,000 Thai visitors went to Cambodia by air,and the figure could be significantly higher if those travelling by land were included, the report said.

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