Thailand to open more sectors to foreign firms
It will also cut approval times for foreign business permits to one month from 60 days
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[BANGKOK] Thailand is moving to ease foreign business rules and speed up approvals in a bid to attract overseas investment and revive economic growth.
The Commerce Ministry plans to seek Cabinet approval to remove 10 business categories from the restricted list under the Foreign Business Act, a change that would allow foreign firms to operate in those sectors without applying for state licences, Commerce Minister Suphajee Suthumpun said at a seminar in Bangkok on Thursday (Jan 29).
The industries include telecommunications, software development, financial management, petroleum exploration and trading in agricultural derivatives, according to Worawit Sing-in, the ministry’s director of the Foreign Business Administration Division. He declined to provide further details ahead of cabinet consideration.
The ministry is also working to cut approval times for foreign business permits to one month, from the current 60 days, Worawit said. That’s a move aimed at reducing red tape and making Thailand more competitive with regional peers for foreign capital. BLOOMBERG
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