Prime Minister Abhisit Vejjajiva has pledged to promote Thai contractors and consultants overseas, especially in six targeted countries: Libya, India, Bahrain, Qatar, Vietnam and Brunei.

"In the short term, the Thailand Trade Representative has been directed to co-operate with related public agencies, financial institutions and contractors in how to facilitate Thai contractors and strengthen their capacity to bid for construction projects in foreign countries," said Mr Abhisit.

"In the longer term, the government needs to issue legislation to support establishing a new organisation that directly handles Thailand's overseas investments."

The Board of Investment (BoI) is now also studying privileges for investment abroad. The study is expected to be completed in the next two months, he said.

As part of the effort, the SME Bank, Krung Thai Bank and the Export Import Bank of Thailand yesterday signed a memorandum of understanding with five construction associations to underline co-operation in tapping construction projects in six countries.

Foreign revenue of Thai contractors was estimated at 24 billion baht last year, representing less than 1% of the 150-trillion-baht value of the world construction market.

The Thai Contractors Association expects Thai contractors' foreign income to double over the next five to 10 years if the sector gets full support from the government.

The Thailand Trade Representative together with SME Bank, Krung Thai Bank, Export Import Bank of Thailand and construction associations will do strategic planning on winning projects in the target countries, and identify projects for which Thai firms should bid, said TTR chief Kiat Sitthiamorn.

The Thailand Trade Representative Office also pledged to convince foreign banks to form partnerships with Thai banks to support investment abroad, he said, adding that partnerships between Thai and foreign banks in Bahrain would be sought first.