70 foreign firms approved under FBA in first 11 months

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70 foreign firms approved under FBA in first 11 months
PETCHANET PRATRUANGKRAI
THE NATION

BANGKOK: -- THE Business Development Department approved the operations of 370 foreign companies under the Foreign Business Act (FBA) during the first 11 months of the year, bringing more than Bt13.48 billion in investment capital into the country.

However, the number of foreign companies approved dropped by 4 per cent, while initial investment capital was down by 78 per cent, as many companies had invested in finance-related businesses last year.

The department said permitting these companies to operate service businesses in Thailand would encourage technology transfer and create jobs for Thais.

Pongpun Gearaviriyapun, director-general of the department, said many foreign investors were highly interested in establishing businesses in Thailand as part of their regional integration policies amid continued growth in the region.

"More investment will be seen in the remaining months of the year, as well as throughout next year. The government will try to facilitate more investments under the economic stimulation policies in preparation for the forthcoming Asean integration," she said.

This month alone, 34 companies were approved under the FBA, representing an increase of 10 per cent from November last year, with initial investment capital of Bt479 million.

The approvals in November will create more than 400 jobs for Thais, Pongpun said.

Most of these new companies are subsidiaries, agencies of overseas corporations, companies contracted to state-owned enterprises, and retailers and wholesalers.

The investors include companies from Japan, Singapore, the Netherlands, mainland China, Hong Kong, France, Canada, Poland and Malaysia.

Meanwhile, the department has blacklisted more than 15,000 companies or about 5 per cent of the 300,000 firms it investigated because they failed to submit their balance sheets on the due date or because they provided false information about initial investment capital to the government.

Pongpun said those blacklisted companies would be reported on www.dbd.go.th and faced legal action that could result in fines of Bt60,000 and/or three years in jail.

Source: http://www.nationmultimedia.com/business/70-foreign-firms-approved-under-FBA-in-first-11-mo-30273588.html

-- The Nation 2015-11-24

[elgordo38]

The first part of the statement holds out a carrot for those wishing to invest here and start new businesses. The latter part holds up a stick Threatening 15,000 businesses to "get with the program" Sitting down for dinner now please do NOT pass the carrots.

[Thai at Heart]

They black listed 15000 BOI firms? <deleted>?