|
|
| • EXCH RATES |
|
Baht/$ 33.08/12
Bid/Ask
|
GOLD |
13,650
- 250
|
|
FOREIGN INVESTMENT
VICHAYA PITSUWAN
The Foreign Business Act (FBA) amendments proposed by the previous military-backed government will not be pursued by the current administration, said Suwit Khunkitti, the deputy prime minister and industry minister.
Mr Suwit offered the reassurance in an address to the Asia and Europe Partnership and Opportunities luncheon held yesterday by the Belgian-Luxembourg/Thai Chambers of Commerce.
He said the Samak Sundaravej government would do everything to ensure convenience for foreign investors.
The confirmation came in response to concerns voiced by European chambers, EU ambassadors and foreign businessmen, who were unclear on the Samak government's stance on the FBA.
''The FBA amendments would create unfavourable investment conditions in Thailand, and it is not possible for the government to touch the act when it wants foreign investors to help GDP growth reach the 6% target,'' Mr Suwit said.
The previous government had sought to toughen the FBA and its enforcement because of what it saw as abuses of loopholes through the use of Thai nominees by foreign businesses.
The amendments, which died when the government's term expired, could have forced thousands of foreign companies to restructure their business ownership, which prompted widespread frustration in the foreign business community.
Belgian Foreign Minister Karel De Gucht praised Mr Suwit's clarification, saying it would promote more EU investment in Thailand.
Mr De Gucht said the EU saw that Thailand had been experiencing enormous growth and was attractive for European investors in terms of abundant natural resources and skilled labour.
''Yet, Thailand faces challenges in making this sustainable growth,'' he said.
He said the Thai government needed to show foreign investors its intentions because in the past year, government comments on the FBA and compulsory licensing had raised the eyebrows of European investors.
Mr Suwit said European investors had started to play a more important role in Thailand's economic growth.
Investment from European companies surpassed that of the Japanese for the first four months of this year, he added.The Thai government would promote foreign investments in every sector, but different incentives are given in different fields depending on the support needed in each industry, he said.
The Belgian foreign minister also invited more Thai companies to invest in Belgium and use the country as a production centre for Thai goods to enter the European market. Such investments could also help reduce Belgium's trade deficit with Thailand.
Prev
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Next
