Foreign business approvals jump 11% in 9 months to 313
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The Commerce Ministry's Business Development Department has given approval to 313 foreign firms to set up operations in Thailand under the Foreign Business Act during the first nine months of the year worth a total of more than Bt58.07 billion.
The number of approvals is 11 per cent higher than in the same period last year, while the value of initial capital investment increased by Bt44.1 billion.
The department says approving these foreign companies to conduct service businesses in Thailand will encourage more technology transfer and create more jobs for Thais.
Pongpun Gearaviriyapun, director-general of the department, said foreign investors were highly interested in setting up businesses in Thailand as the economy begins to recover and politics has stabilised under a military regime.
This month alone, 52 firms have been approved under the act, up 18 per cent year on year and a sharp increase – 44 per cent – from August.
The combined initial capital investment is valued Bt43.85 billion, quite high because many of these businesses are in the financial sector, including banks and credit firms.
Pongpun said the September approvals would create at least 20,820 new jobs for Thais.
Most of the firms approved this month are related to financial services, retail, consultancy and management for subsidiary companies. The investors mostly hail from Singapore, Hong Kong, mainland China, the Netherlands, South Korea and Australia.
