InfoQuest (September 19, 2019) -- Mr. Weerasak Wangsuphakijkosol, deputy minister of Thailand's Ministry of Commerce (MOC), revealed that MOC will revise, promote, and regulate the Foreign Investment Law, a major law for foreign investment, so as to better adopt to the changing economic, trade, and investment landscape, enhance the overall competitiveness of Thailand, boost trade and investment in Thailand, and respond to the "Thailand Plus Package" policy,which is designed to promote investment and accommodate production bases relocated because of trade war. Previously, Thai economic cabinet passed a resolution to commission MOC to revise the Foreign Investment Law 1999 at a faster pace, aiming to reduce investment barriers and enhance the ease of doing business in Thailand.
"MOC has commissioned the Department of Business Development (DBD) to revise the negative list of the Foreign Investment Law. Judging from the current deliberations, the priority will be given to s-curve and new s-curve industries in line with the policies of targeted industries in Thailand, such as aviation and logistics and digital industry. The above-mentioned industries have to fit with the strategic framework of Thailand 4.0 and are under the supervision of special laws, so as to reduce government examination and approval and avoid repeated supervision," said Mr. Weerasak.
According to the deputy minister of MOC, in 2019, the Department of Business Development will gather commercial information about business types and that generated from relevant research or offered by relevant agencies, and then enter the review process of the business type review subcommittee of negative list of the Foreign Investment Law 1999; the review results/opinions of the review subcommittee will be reported to Foreigners Business Committee, which will report to the minister of MOC; then subsequent legal procedures/steps will begin, and finally a royal ordinance or minister regulation about the negative list of the Foreign Investment Law 1999 will be issued with part of business types being adjusted.
"Some business types of the negative list will be adjusted considering the current economic, trade and investment situations. That will reduce government examination and approval and repeated supervision, and enhance the ease of making investment and doing business for foreigners, empower Thailand to become an investment center in ASEAN, and enhance Thailand's competitiveness in service efficiency and quality; in the long run, it will boost economic growth and create a sound investment environment for Thailand. said Mr. Weerasak.
Source: InfoQuest, by Phana / Tanawat / Rachada, translated by Xinhua Silk Road
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