Telecommunications, financial services to be liberalised

The ministry’s Department of Business Development has already reached a consensus on eight of the 10 businesses, and will open the other two for public comment soon.

Once public feedback has been received, the department will submit the proposals to Commerce Minister Phumtham Wechayachai for approval, and then to the cabinet for endorsement according to the department’s director-general Auramon Supthaweethum.

After the Cabinet's approval, foreigners can engage in the liberalised businesses without the need to obtain permits.

In recent times, the ministry has issued regulations to specify unlicensed service businesses for foreigners, with the most recent announcement made in 2019. Businesses that are now allowed to operate freely include commercial banking, life insurance, non-life insurance, in-country lending services, the securities business, and other businesses related to securities and stock markets, and forward trading.

It is anticipated that the list will be expanded this year to include telecommunications services and financial management centres, subject to the provisions in the laws. Financial management centres are defined as businesses involved in managing foreign currency for companies within the group.

Also expected to be liberalised this year are software development services; air transport (passengers); warehousing and distribution; professional, scientific and technical services; advertising; education; and tourism services.

The liberalisation of these businesses is expected to boost competition and innovation in Thailand's service sector. It is also expected to attract foreign investment and create jobs.