Foreign investors in Thailand seek business act clarification

BANGKOK: -- Foreign investors in Thailand have sought clarification on the need to amend the kingdom's Foreign Business Law, saying they feared it would undermine investor confidence and discourage foreign capital inflows.

They made the move at a seminar on " Public Participation: Foreign Business Bill" jointly organised by the National Economic and Social Advisory Council and the Joint Private-Sector Committee to heed opinions by many parties.

Stephen Frost, a board member of the British Chamber of Commerce in Bangkok, said foreign investors had respected Thailand's sovereignty in amending laws governing the supervision of foreign investors investing in the country.

But they viewed the amended FBA had a broad definition and ambiguity, which could lead to a different interpretation.

To ensure justice, he said, they needed clarity for the definition of "foreigner." Otherwise, Thailand's competition in attracting investment from China, India, Malaysia, and Vietnam would be affected.

Jean Jacques Bouflet, European Union trade counsellor and representative of the Foreign Chamber of Commerce, said the chamber had submitted letters to embassies of six members of the European Union, expressing concerns about limitations under the FBA.

They asked the Thai government to pay an attention to the matter since the investment is different from an ownership.

However, they were glad the Commerce Ministry was willing to make an alteration of voting rights to ensure it complies with the World Trade Organization agreement on the investment liberalisation.

--TNA 2007-04-10

hi George,

is this really correct... surprised no one else has commented?????

amarka

[b]However, they were glad the Commerce Ministry was willing to make an alteration of voting rights to ensure it complies with the World Trade Organization agreement on the investment liberalisation.[/b]

Foreign investors in Thailand seek business act clarification

BANGKOK: -- Foreign investors in Thailand have sought clarification on the need to amend the kingdom's Foreign Business Law, saying they feared it would undermine investor confidence and discourage foreign capital inflows.

They made the move at a seminar on " Public Participation: Foreign Business Bill" jointly organised by the National Economic and Social Advisory Council and the Joint Private-Sector Committee to heed opinions by many parties.

Stephen Frost, a board member of the British Chamber of Commerce in Bangkok, said foreign investors had respected Thailand's sovereignty in amending laws governing the supervision of foreign investors investing in the country.

But they viewed the amended FBA had a broad definition and ambiguity, which could lead to a different interpretation.

To ensure justice, he said, they needed clarity for the definition of "foreigner." Otherwise, Thailand's competition in attracting investment from China, India, Malaysia, and Vietnam would be affected.

Jean Jacques Bouflet, European Union trade counsellor and representative of the Foreign Chamber of Commerce, said the chamber had submitted letters to embassies of six members of the European Union, expressing concerns about limitations under the FBA.

They asked the Thai government to pay an attention to the matter since the investment is different from an ownership.

[b]However, they were glad the Commerce Ministry was willing to make an alteration of voting rights to ensure it complies with the World Trade Organization agreement on the investment liberalisation.[/b]

--TNA 2007-04-10