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  1. #1
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    INVESTMENT FOREIGN OWNERSHIP: German firms seek confidence boost from amendments to l

    INVESTMENT FOREIGN OWNERSHIP

    German firms seek confidence boost from amendments to law


    WORANUJ MANEERUNGSEE
    The German business community in Thailand has called on the government to amend the Foreign Business Act in the way that restores confidence among foreign businessmen, who have been on edge since the military took power in September.

    For a start, the committee studying amendments to the 1999 Foreign Business Act should send the right signals stressing that the interim government is very open to foreign investment, said Paul Strunk, executive director of the German-Thai Chamber of Commerce.

    The committee is expected to submit suggestions in the next few weeks, notably on a clear definition of nominees, and on revising prohibited services under the Act's so-called List 3.The committee's members include representatives from the Board of Investment, Federation of Thai Industries, Bank of Thailand, scholars and representatives from foreign chambers.

    ''We are quite sure that we will meet the deadline as our work is on schedule,'' said committee member Deunden Nikomborirak of the Thailand Development Research Institute (TDRI).

    Like other foreign businessmen, Germans needed a clear definition of nominees, said Mr Strunk.

    He said said chamber members were concerned whether the new definition of nominee would relate to decision-making executives and sources of funds, for example.

    Also, the Germans called for the 21 prohibited businesses under List 3 _ mostly related to services _ to be narrowed and made more specific.

    List 3 covers businesses in which Thais are not ready to compete with foreigners, but the latter can seek approvals from Thai authorities in some cases.

    Those businesses include internal trade connected with native products or goods not yet prohibited by law; retailing and wholesaling with total minimum capital less than 100 million baht; advertising, and selling goods and beverages.

    ''Only businesses that affect national security and safety should be limited in terms of foreign ownership, such as media and telecommunication,'' said Mr Strunk.

    Ms Deunden said she believed professional services should not be on List 3 they were already regulated under specific laws.
    The government, she said, should acknowledge the fact that some services had been run by foreign operators for a long time. Consequently it should not protect them, in particular intermediate services such as shipping and logistics, which could have influence over other businesses.
    source: Bangkok Post : Business news

  2. #2
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    01-02-2019 @ 03:12 PM
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    I wonder how Thailand would be if foreigners could do more in terms of investment and businesses, instead of being confined to the usual beer bars and gogos businesses

    It would probably be like a big Singapore, with the majority of people being educated and speaking very good English, probably the biggest player in SE Asia with a strong and stable economy. Prices for everything would be like home, and the girls would probably be fat and boring by being too "westernized".

    let's keep it that way and ban legitimate foreigner businesses from expanding. We want cheap beers and cheap whores. Case solved.

  3. #3
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    Butt you are 100% right, if I wanted to live in a developed country, with developed prices, taxes and all the other sophisticated amenities that come with G8 type nations I'd stayed put where I was.

    My dear Thais!
    Do keep heaping restrictions upon restrictions upon restrictions
    (we'll allways find/found a way around them) and as added bonus, or boner, it keeps the local sistas lean-an'mean. Amen

    don't like beer much so fuck that shit

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