Plea for World Bank to give fair ranking

Plea for World Bank to give fair ranking

Somkid: Eyeing top 30 for business climate
Somkid: Eyeing top 30 for business climate

Deputy Prime Minister Somkid Jatusripitak has called on the World Bank to conduct a fair assessment of Thailand's ease of doing business in the next survey, for he believes that the country has made great progress and deserves a higher ranking.

"It is unacceptable if other nations that have just started [to curb investment constraints] earn a better score," Mr Somkid said.

He said Thailand has removed half of the obstacles to doing business in the entire plan. He has asked officials to enumerate the remaining problems associated with laws hampering business and make proposals to the cabinet ahead of the World Bank's next assessment in May.

The government is keen to tackle areas that need improvement and make it easier to do business and create a business-friendly environment in Thailand, Mr Somkid said.

The goal is for the country to crack the top 30 for business-friendly destinations and attract more investment.

Thailand's ranking in the World Bank's Ease of Doing Business report, which surveyed 190 countries, climbed to 46th from 49th last year. Thailand ranked ninth in Asia, trailing only Singapore and Malaysia in Asean.

The country is in dire need of new private investment, which is envisioned as the engine that will drive sustainable economic growth. Southeast Asia's second-largest economy after Indonesia, Thailand has suffered subpar economic growth for several years.

Mr Somkid said the government aims to amend the Labour Protection Act this year by abolishing requirements that companies must send working rules and regulations to the Labour Protection and Welfare Department. An amendment to the Civil and Commercial Code that would revoke the company seal requirement is also planned.

The government will launch electronic registration for juristic persons to help with business formation, Mr Somkid said.

He said Indonesian President Joko Widodo has voiced admiration for Thailand's progress in economic reforms and is addressing similar issues in his own country.

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