Bangkok: Mr. Karom Polpornklang, Deputy Government Spokesperson, revealed that the Cabinet has resolved to urgently amend the Alien Business Act of 1999 to reduce obstacles to Thai people’s occupations, economic development, trade and investment, and increase the country’s competitiveness. After the original law had been in use for 25 years, the principle was to ‘protect’ domestic entrepreneurs too much, which was not consistent with the changing economic conditions and technological developments, and also affected future businesses.

According to Thai News Agency, it is a business that causes the development of the economy and related industries in leaps and bounds, such as the Startup business, which is a business that uses innovation and advanced technology and has special characteristics in its operations. Therefore, it is necessary to amend the Alien Business Act of 1999 by changing it from ‘protection’ to ‘building competitive potential’, taking into account the potential and increasing the competitiveness of Thai entrepreneurs in various businesses urgently, in order to reduce obstacles to people’s occupations, promote economic development, trade and investment, and increase the country’s competitiveness.

The Ministry of Finance, Ministry of Commerce, Ministry of Interior, Ministry of Labor, National Economic and Social Development Board (NESDB) and the Board of Investment (BOI) have considered and approved/have no objections. The Ministry of Finance believes that the amendment of the Foreign Business Act should take into account the types of businesses and appropriate investment proportions, as well as the level of development of each type of business within the country in order to be consistent with the law and other related criteria.