MORE FLEXIBILITY FOR FOREIGN BUSINESSES

Commerce Ministry clarifies plan to amend the foreign business act; says ‘no retroactive impact’

The Commerce Ministry has reassured concerned investors overseas that the government will not stringently control foreign businesses under a plan to amend the Foreign Business Act (FBA). The Commerce Ministry has reassured concerned investors overseas that the government will not stringently control foreign businesses under a plan to amend the Foreign Business Act (FBA).

It will focus instead on “relaxation, reducing procedures facilitating investment, and not deal retroactively with existing firms”, as it aims to create an investment-friendly atmosphere with a positive impact on investors.

Commerce Minister General Chatchai Sarikulya said yesterday that following some concern about its plan for FBA amendments, the government would not stringently control foreign investors.

“The government is aimed at amending the law to be more flexible and become international by helping reduce investment obstructions and not control any firms retroactively,” Chatchai said.

He said the ministry had not yet come out with a draft amendment, but was so far only studying how to amend the law first enforced in 1999.

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