Chinese Luxury Housing Project Probed for Money Laundering

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Thai foreign business act changes due

FBA changes ready for review

BANGKOK: -- Officials are expected to begin reviewing proposed changes to the Foreign Business Act (FBA) by mid-March.

The study by the Fiscal Policy Office of the Finance Ministry suggested 13 businesses under List 3 of the FBA which should be opened for foreign investment over the next three years.

They include engineering services, construction, brokerage or agency businesses, retailing and wholesaling, advertising, hotels, selling food or beverages, computer services, logistics and domestic transport, business consulting and management services, schools, and entertainment or cinemas.

The Commerce Ministry asked the FPO early last year to study the possibility of allowing more foreign investment in businesses under List 3 of the Act.

According to Kanissorn Navanugraha, director-general of the Business Development Department at the Commerce Ministry, businesses that need to be opened over the next four to six years include auctions and plant cultivation and propagation businesses.

Business that need to be opened to more foreign activity over the next seven years or more involve internal trade connected with native products or produce.

For the pawnshop business, the study suggested only it rest on final decision of the board to continue protection or allow freely for foreign investment.

Mr Kanissorn said the study was also based on the free trade agreements Thailand has committed to the dialogue partners, possible impact, the country's benefit and capacity of Thai operators.

However, a final decision would be based on the Foreign Business Board's review by mid-March, he said.

According to Mr Kanissorn, the board would be also asked to consider how to facilitate the approval processes for 20 service businesses under List 3, as currently several government agencies are involved.

-- Bangkok Post 2009-02-27