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Thailand’s Ministry of Commerce may open up 4 innovation sectors to foreigner investors

Poonpong Naiyanapakorn | Photo Credit: The Nation

The Commerce Ministry may remove four innovation related businesses from the list of businesses in which Thai citizens are deemed not ready to compete with foreigners under the Foreign Business Act, BE.1999. Such a move is expected to help increase accessibility for foreign companies and attract international investors.

Department of Business Development deputy director-general Poonpong Naiyanapakorn on Thursday (September 26) said they are looking to file an appeal to the Foreign Business Committee to remove four businesses from the list to invite more foreign companies to invest in Thailand. “These businesses are: Type 1 telecommunication service providers (without a dedicated network), treasury management centres, aircraft maintenance services for aircraft under the Air Navigation Act and their equipment, and development of high value-added software.”

According to Poonpong, removing these businesses from the list would make it easier and cheaper for foreign companies to apply for business licences in Thailand.

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