Commerce Ministry won’t change Foreign Business Act this year

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Thailand’s Ministry of Commerce has confirmed it has no immediate plan to amend the Foreign Business Act (FBA) to strictly control illicit proxies because it wants to facilitate foreign investment in the country.

Pongpun Gearaviriyapun, director-general of the Department of Business Development, said last week that after gathering opinions from concerned parties in the government and the private sector late last year, the department decided that amending the FBA was unsuitable this year as the government is keen to attract foreign investment while the overall national economy remains sluggish.

Pongpun Gearaviriyapun, director-general of the Department of Business Development.Pongpun Gearaviriyapun, director-general of the Department of Business Development.

Control of foreign businesses under the act will continue to focus on shareholding structures of foreign parties as before. Commerce Minister Chatchai Sarikulya agreed with the decision, she said.

On the contrary, regulations should be relaxed to promote foreign investment in the country, she said.

Pongpun denied that the Ministry of Commerce was influenced by any pressure from foreign investors.