Wednesday, October 16, 2019

Somkid urges focus on ease of doing business to woo foreign investment

Sep 19. 2019
Somkid (Left) and Uttama
Somkid (Left) and Uttama
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By The Nation

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Deputy Prime Minister Somkid Jatusripitak has urged all concerned parties to promote ease of doing business in Thailand in order to attract foreign investment.

Speaking at a meeting on Thursday hosted by the Finance Ministry and co-chaired by Finance Minister Uttama Savanayana to discuss the World Bank’s Doing Business 2020 Report on Thailand, Somkid said: “For example, we could streamline the process of applying for use of electricity and reduce the waiting time down to one day. Also, we could move power lines underground to improve the efficiency of our power grid.”

The deputy PM also suggested that public and private organisations use Big Data to improve online services such as corporate tax refund, online business registration, social security registration and Customs procedures via the national single window.

“The government is aiming to shorten the corporate tax refund waiting time to less than 90 days,” he said. “As for social security service, we have already tasked employers to submit employee data electronically to speed up the process and reduce paperwork. Currently 75.77 per cent of insured persons’ data are stored and processed online.”

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