Reform on track, chamber told
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PRIME MINISTER General Prayut Chan-o-cha assured the foreign business community yesterday that the country was moving forward in accordance with the government's social and economic road maps, and that any changes to the law would not negatively affect t
He gave the assurance during a speech to the “Supporting a Competitive Economy in Thailand” forum, held by the Joint Foreign Chambers of Commerce in Thailand (JFCCT).
The prime minister said he believed the economy could expand 1 per cent year on year in the current quarter, and by more than 3 per cent next year.
His regime has implemented stimulus measures in the past three months to boost the economy, he said.
The government is solving many problems and driving the economy in accordance with its road maps, while many laws will be amended, he told the audience.
He assured them that amendment of the Foreign Business Act would not affect foreign business interests or dampen the investment climate, but would boost investment instead.
Marc Spiegel, vice chairman of the JFCCT, said the prime minister had given a clear direction in regard to the amendment of the Foreign Business Act, as well as the liberalisation of the finance, telecommunications and logistics sectors, which he said was “quite satisfactory”.
However, for the service sector, there are no fewer than 20 fields in which foreigners are inhibited from doing business in the Kingdom, he said.
“Thailand will lose opportunity if the country does not speed up the liberalisation of its service sector,” Spiegel said.
Oh Lock Soon, chairman of |the Singapore-Thai Chamber of Commerce, said Prayut had clarified the issue.
“However, the prime minister has delivered a clear speech, in which [he stressed that] any change of law or regulation that may impact the way foreigners do business in Thailand will not actually be carried through. Such a commitment will allow foreign business people to be more relaxed and satisfied [about the future],” said Soon.
