Post by : Shakul

The Thai government has clarified that proposed changes to the Foreign Business Act are not intended to allow unrestricted business operations for foreign investors. Officials stated that the draft ministerial regulation is designed to modernize outdated procedures, reduce duplicate licensing requirements, and improve Thailand’s competitiveness while maintaining strict supervision over key sectors of the economy.

Ms. Ratchada Thanadirek, spokesperson for the Prime Minister’s Office, explained that recent reports claiming foreigners would be allowed to conduct business freely without approval were misleading. According to the government, the proposed revisions mainly involve high-technology and specialized industries that are already regulated under separate laws and supervised by relevant state agencies.

Authorities stressed that businesses affected by the revised regulation would still be required to comply with strict legal frameworks and oversight mechanisms. Telecommunications companies, for example, will continue to operate under the supervision of the National Broadcasting and Telecommunications Commission. Financial management businesses will remain under the Bank of Thailand, while securities and futures trading companies will still be monitored by the Securities and Exchange Commission. Petroleum drilling and energy-related businesses will also remain tightly controlled by national energy authorities.

The government said the main purpose of the reform is to simplify overlapping approval processes and improve the ease of doing business in Thailand. Officials believe reducing unnecessary procedures will encourage more investment, improve operational flexibility for businesses, and strengthen Thailand’s position as a competitive economic hub in Southeast Asia. At the same time, the government emphasized that national interests and economic security would continue to remain top priorities.

Ms. Ratchada noted that the government is also protecting local businesses and entrepreneurs while implementing reforms. One example is the decision to remove software development businesses from the draft regulation after concerns were raised about possible negative impacts on Thailand’s domestic digital industry. Officials explained that this adjustment demonstrates the government’s effort to maintain balance between attracting foreign investment and protecting local competitiveness.

The revised regulation also supports several long-term strategic goals for the Thai economy. These include reducing unnecessary permit procedures, improving fair and transparent competition, attracting advanced technology and international experts, promoting Thailand as a regional business and service hub, and creating broader economic and employment opportunities for citizens.

The Thai government concluded by reaffirming that all economic reforms would continue to operate alongside strong regulatory oversight and national protections. Officials stressed that the new regulation is aimed at improving efficiency and strengthening supervision rather than creating uncontrolled liberalization for foreign businesses in the country.

#Business News #Thailand News #Asia News