Koh Phangan expects to earn Bt4 billion from the tourism industry this year, 20 percent more than the Bt3.5 billion it earned last year.

Ms. Wannee Thaipanit, the chief of Koh Phangan Tourism Association, said the continued expansion of the island’s tourism industry has been attracting more local and foreign investors.

She also revealed that the island’s new royal boat museum has been drawing more visitors to the island.

Ms. Wannee said that since the start of the year, the number of people visiting Koh Phangan had been on the rise, “an encouraging sign the island’s is well on its way to economic recovery.”

Like the rest of the country, the island’s tourism had been badly affected since the global economic slowdown in 2008.

“More and more Australians are visiting Phangan these days, along with British , Scandinavian and German tourists,” she said. “We predict that the island would generate Bt4 billion from the tourism industry this year or an increase of 15-20 percent from last year, which was about Bt3.5 billion,” Ms. Wannee added.

Tourists, she said, are visiting Koh Phangan not just for its famous Full Moon Party but also for its many other island attractions. The island, according to her, has also a number of historical attractions.

Phanu Woramit, director of the Suratthani office of the Tourism Authority of Thailand, said Koh Phangan’s tourism has been showing signs of recovery since late last year. He said not just European tourists are visiting the island. The number of Asian tourists coming has also been on the rise, he added.