Bangkok – Thailand’s Ministry of Commerce will be removing four business categories from the prohibited list in the Foreign Business Act B.E. 2542, enabling foreign investment and creating an attractive environment for investment in Thailand, while improving the ease of doing business.
The Department of Business Development (DBD) Deputy Director General Poonpong Naiyanapakorn has revealed the foreign business prohibition will be lifted for type 1 license telecommunications without a network, treasury centers, aircraft maintenance facilities with category 2 certification for key aircraft parts maintenance and category 3 certification for aircraft assets and parts maintenance according to aviation law, as well as high value-added software development businesses.
He said the removal of prohibitions on these business categories from the Foreign Business Act will be facilitated by related laws, which will help reduce the cost, time and complexity faced by foreign investors when requesting approvals from related agencies. This will help improve the ease of doing business and attract more investment and talent from around the world to Thailand.
The DBD deputy chief said that these four business categories comply with the country’s economic development direction, and the freedom of investment will help improve the knowledge of Thai people and enhance the competitiveness of Thai companies at the global level, while at the same time promoting transformation into a digital economy.