Business groups push for legal changes ahead of AEC
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The private sector will call for the government to amend the country's business laws to strengthen enterprises' competitiveness and promote growth within the region under the Asean Economic Community (AEC).
A source from the Federation of Thai Industries (FTI) said Thailand should amend and modernise some business laws to prepare local businesses and regulations for the seamless market, which will come into effect in 2015.
The proposal will be discussed during today’s monthly meeting of the joint standing committee comprising the Board of Trade of Thailand, the FTI and the Thai Bankers Association.
Details of today’s discussion will be submitted to the upcoming joint public-private meeting, which will be chaired by Prime Minister Yingluck Shinawatra, for use in amending laws.
“Thailand has only two years and 10 months before [the AEC] allows the free flow of goods, services and investment. The government needs to change some laws and regulations to promote investment as well as ensure Thai enterprises’ competitiveness,” said the source.
The acts that private enterprises will propose for modernisation include the Foreign Business Act BE 2542, the Trade Competition Act BE 2542, and other laws related to liberalisation of the financial, telecommunications and tourism markets.
Today’s meeting will also discuss the government’s plan to raise the pay of skilled labourers in 22 industries by 11.7-42.9 per cent next month, and the plan’s impact on entrepreneurs.
The source said an increase in the minimum wage for both unskilled and skilled labourers would create a huge financial burden for enterprises and could lead to higher costs of production.
The government needs to help enterprises bear the rising cost of production, the source said, or the increase in wages will encourage many to increase prices and push the burden on to consumers.
