Suggestions Welcome for the Review of Thailand’s Foreign Business Act.

Bangkok: On 26 November 2014, the Minister of Commerce of Thailand organized a briefing session on the review of the Foreign Business Act B.E. 2542 (1999) at the Ministry of Commerce, in order to provide greater clarity and understanding on the review of the FBA. 

 

The session was attended by representatives from foreign embassies, foreign chambers of commerce, and foreign investors in Thailand.

 

Gen. Chatchai Sarikulya, the Minister of Commerce of Thailand, explained that there were concerns from foreign investors regarding the review of the Foreign Business Act, there were also a number of the meetings between the ministry’s executive and representative from various embassies, foreign chambers of commerce, and foreign investors where the aforementioned matter were raised and detailed information were sought by the representatives. 

 

To address and alleviate such concerns, the briefing session was held with a view to provide an opportunity for the stakeholders to carryout in-depth discussion to ensure that the representatives and foreign investors received clear answers and attained greater clarity and understanding

 

 

Thailand is currently undergoing a national reform process to enhance the country’s competitiveness and promote trade and investment. It must be pointed out that reviews of relevant laws are part of this process. In this connection, the Foreign Business Act is one of legislations to be studied by the Ministry of Commerce with a view to enhancing the legislation in accordance with the international practice, without leaving a negative impact on the investment climate.

 

The study for the enhancement of the Foreign Business Act, which will be concluded in December this year, will determine issues that are in accordance with the government’s policy regarding foreign investment and could be undertaken by the current government.

 

Nevertheless, the Thai government has a clear policy to promote international trade and foreign investment in accordance with good governance principles. As such, the consideration on the review of the Foreign Business Act must be done with utmost caution, with attention and care on the timing, so as to create an investment climate where all stakeholders would benefit.

 

For the first half of 2014, the value of foreign direct investment through the Board of Investment was recorded at 239.10 billion baht (USD 8 billion), accounting for 70.9% of the total investment which was recorded at 337.42 billion baht (USD 11 billion).

 

Foreign companies and trade and investment organizations are welcome to provide their comments and recommendations to the Royal Thai Embassy or Thai Consulate-General nearest to them. (Click here to finf nearest Thai agency in India)

 

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