In the last four months, about 300 foreign firms from Germany, the UK, Australia and the US, along with 33 Thai firms, had set up their business in Koh Phangan and Koh Samui. Out of the foreign firms, 33 set up their business in Koh Phangan.

Koh Phangan attracts foreign investors due to the high property prices in Koh Samui. Prices for popular beach sites in Thong Nai Pan, Ban Khai and Haad Rin had risen twice to eight million bath per rai (2.5 rai = 1 acre).

Tsunami warning system will be installed in Koh Samui, the famous resort island next to Koh Phangan. It is estimated, that installation will be completed by the end of June 2006. The warning system will be linked to the National Disaster Warning Center in Nonthaburi Province.

The 5th Samui Regatta, including series of boat races, is taking place this week at Koh Samui, the closest island to Koh Phangan. The competition will last 5 days, from May 22nd to May the 27th. The participants come from all over the world: from Dubai, Singapore, Hong Kong, China and Thailand.

Continuous rain has been observed in the province of Surat Thani for the last six days, causing risk of floods and landslides. The province’s Governor Vijit Vichaisarn of possible damages has warned Surat Thani residents living in proximity to rivers and hillsides. Resorts’ owners and operators in Koh Phangan and neighboring islands have been advised to take preventive measures.