Cabinet asked to cut red tape to woo foreign investment in 3 areas

By The Nation

 

 

The Department of Business Development will ask the Cabinet to remove restrictions on three business types so that foreign firms no longer have to apply for investment permits from the Commerce Ministry.

 

The three types fall under the Foreign Business Act’s “List Three” – areas where Thai nationals are not ready to compete with foreigners, said the department’s director-general Tossapon Tangsubut.

 

The first area is Type 1 telecom licence services provided via another telecom operators' network.

 

The second are treasury centres for managing foreign currencies for businesses and affiliates in the same group.

 

The third is software development related to Big Data, cyber security, advanced technology, business process management and industrial production.

 

All three business types already have related agencies where foreign investors could apply for permits without the need to ask the Commerce Ministry, said Tossapon. This would cut redundancy in the process and improve the business investment environment, he added.

 

The department has already withdrawn several business types from List Three in a bid to woo more foreign investment.

 

Source: https://www.nationthailand.com/business/30397056

 

-- © Copyright The Nation Thailand 2020-11-02

 

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9 minutes ago, webfact said:

The department has already withdrawn several business types from List Three in a bid to woo more foreign investment.

Unless the investors either do not care about the current political climate in Thailand or have no tv and social media, then Covid or no covid, they ain't gonna be wooed 

3 hours ago, RichardColeman said:

Unless the investors either do not care about the current political climate in Thailand or have no tv and social media, then Covid or no covid, they ain't gonna be wooed 

Little by little the jigsaw pieces of the puzzle reveal what I have predicted for some time.  The gravity of the situation is yet to be revealed in full. Come December/January I think the Thai people will discover their in a big fat mess created by....you know who!

 

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Just now, Hayduke said:

 

What a wonderful and fortunate coincidence. The three types listed are all areas where China can move in and take further control of….offer an extensive range of ‘no-strings-attached’ fraternal assistance.

 

 

 

5 hours ago, webfact said:

The third is software development related to Big Data, cyber security, advanced technology, business process management and industrial production.

In 2014, they made it so difficult.  Now?  The tune has changed completely.  It is a dilemma.  Vietnam and Malaysia are more hospitable than the military government of Thailand, and what assurances do you have that the red tape doesn't magically reappear in a few years time?   cha cha gone and a non authoritarian government is the answer.    No more endless TAT forecasts and a government that protects the army and the elite of Thailand with trying to lure foreign companies to the EEC. 

7 hours ago, webfact said:

The three types fall under the Foreign Business Act’s “List Three” – areas where Thai nationals are not ready to compete with foreigners, said the department’s director-general Tossapon Tangsubut

 

2 hours ago, hotchilli said:

 

Great, now the kid is traumatized by seeing who is a ghost!  Time to rename the kid Constantina.

No worries, they'll figure out new red tape to more than offset any loss. Thais love bureaucracy and building defences againt the evil foreigners.

11 hours ago, yellowboat said:

what assurances do you have that the red tape doesn't magically reappear in a few years time?

remember when the 49% condo ownership ceiling was raised to help sell empty condos?  Then a few years later you can not sell any condo in a building with over 49% farang ownership to a farang? Have to sell what was a 'quota' condo to a non-farang until building ownership got under 49%. Thailand can change rules at the drop of a hat.