Prayut vows transparency

Prayut vows transparency

Prime Minister Prayut Chan-o-cha has pledged a more transparent investment climate in order to streamline business activity and attract investors.

Speaking at the Forbes Asia "Best Under A Billion" forum and awards dinner yesterday, Gen Prayut said that while the government was in the "unique position" of having to carry out the reform agenda of the National Council for Peace and Order in accordance with the three major stages of the roadmap, the government acknowledged the importance of building an inclusive and sustainably growing economy.

Prime Minister Prayut Chan-o-cha addresses the Forbes Asia 'Best Under A Billion' forum and awards dinner at the Plaza Athenee Bangkok hotel.

He specified foreign investment as a crucial element in the country's success.

"Before the launch of any measures, we will consult concerned stakeholders, including foreign investors and entrepreneurs," Gen Prayut said.

For example, with regard to proposed amendments to the Foreign Business Act, he said the state had made clear its intention to make improvements towards international standards after a series of public hearings.

The proposed amendments deal with investment promotion, ease of doing business and fostering trade and investment.

"But at the same time, if any change will be made it must not compromise the investment climate," Gen Prayut said. "In this regard, we welcome input from all concerned parties."

He said the government would streamline procedures for commercial banks, insurance companies and mining companies to obtain their respective licences.

"Our objective is to expedite the process and increase transparency," he said.

The government also vows to maintain Thailand's role in preparing for the upcoming Asean Economic Community (AEC) by promoting a business climate conducive to trade and investment.

"Thailand stands ready to take a leading role with others in the AEC that will be established next year, and we will also play a prominent role in supporting regional integration among 16 countries in the East Asia region," Gen Prayut said.

To achieve the goal of becoming a regional hub, Thailand must enact policies that further the mission, he said.

Forbes Asia handed out awards to 200 high-performing Asia-Pacific companies with revenue under US$1 billion.

Nine Thai companies were honoured.

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