Wednesday, August 12, 2009

Letters from Bangkok: Business is Still Hot

Greetings from Bangkok, I am back here in this very busy city to do a bit of personal stuff and look at the way Thais do business as well.

I have to say from what I have seen so far, the global economic slowdown has yet to dampen the Thai's natural entrepreneurial spirit. Having said that there is political debate over a very large so-called "stimulus" package - you would have thought the Thais would have learnt from the failure of every country's respective bailouts that have thus far pumped trillions of borrowed money into failing economies.

Everything is constantly pumping and everywhere one looks, even in areas of abject poverty, people are selling things; whether it be rice, tyres, cars, rags or tummy tucks.

Bangkok really is a paradise for a healthy capitalist like myself!

The Thai Stock Exchange Index closed at 644.2 this last Friday, according to the Bangkok Post , up more than 50% over the last 6 months alone, and one could expect, like other world indexes, including our own NZX, this kind of market over-exuberance is not a sustainable one given the fragile nature of any perceived global economic recovery.

I am going to visit the heart of bureaucracy tomorrow, Embassy row (the Kiwi Embassy and red tape machine on the 15th floor of a very flash downtown building) in downtown Bangkok and plan on taking a look at the operation of their stockmarket as well.

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c Share Investor 2009