Changes To Foreign Business Act Called Upon

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Chambers urge FBA changes to boost investment

BANGKOK: -- The Joint Foreign Chambers of Commerce of Thailand (JFCCT) yesterday called for the government to push through amendments to the Foreign Business Act (FBA) in order to boost inward investment.

The request was made during an extraordinary meeting with the Board of Investment entitled "BoI-JFCCT Consultative Meeting", held to ascertain the views of foreign investors for the new government.

The chairman of the meeting, Industry Minister Suwit Khunkitti, said Thailand's promotion privileges should provide clearer investment conditions.

Overseas investors want to see transparent measures and practices, such as the government's recent lifting of capital controls.

The minister will work closely with the Commerce Ministry on issues crimping investment.

"The government believes that the changes to the [Foreign Business] Act will create a win-win situation," Suwit said.

The JFCCT also asked the government to revamp the BoI's one-stop service to cover investors outside its existing sphere of activity.

In addition, investment privileges granted to logistics companies should be extended to all investors, instead of focusing on whomever intends to invest in the same privilege zone.

The members also called for the work-permit period to be extended for foreign workers.

The ministry recently announced a "Thailand Investment Year" campaign, which targets receiving applications for new projects totalling Bt700 billion in 2009 and 2010.

JFCCT vice chairman Deepak Mittal said the chamber did not have any major concerns. However, foreign investors want to see the government create a good investment climate.

"It's difficult to compare Thailand's investment promotion privileges with other countries, but what is more important is how to make the package more effective. However, the JFCCT did not gain anything specific from the BoI at the meeting," he said.

The JFCCT believes investment packages provided by the government will affirm Thailand as a primary location to attract more foreign investors, he added.

-- The Nation 2008-03-09