The government has made improving the business environment in Thailand a key policy by setting a goal to raise the ranking of the ease of doing business to be among the top 20 countries in the world.
Thailand has made some very impressive gains in recent years in the World Bank’s Ease of Doing Business index, moving from 46th to 26th to 21st position in recent years.
But by implementing 10 measures, the Foreign Chambers Alliance (FCA) predicts Thailand could quickly move into the top 10 of the World Bank index.
Five ambassadors have recently urged to open up Thailand to foreign skilled labour and cut red tape on foreign investment to allow Thailand to move into the top 10 of the World’s Bank’s ease of doing business index.
Thailand is in the process of responding to the World Bank’s advice and the “Ten for Ten” proposal by five ambassadors to Thailand, according to Deputy Prime Minister and Minister of Energy Supattanapong Punmeechaow.
Ten steps for Thailand to crack the Top Ten in the World Bank’s Global Ease of Doing Business Index are as follows: Simplify and Digitize Cross-Border Clearance, Simple and Smart Licensing, Increase Availability of E-Government, Simplify BOI Applications, Account-Based Customs Processing, Pivot to Digital Commerce, Simplify Access for Skilled Labor, Prioritize Transparency, Improve Bankruptcy Processes and Increase Digitization of Health Thai FDA Approvals.
The Office of the Public Sector Development Commission (OPDC), responsible for driving and monitoring the ease of doing business related reforms and strengthening the competitive environment, is hosting a briefing session on “Status and Progress of Thailand’s Ease of Doing Business Reforms.” Deputy Prime Minister Wissanu Krea-ngam and Deputy Prime Minister Supattanapong Punmeechaow participated in the event.
Thailand’s H1 Investment Applications rise 158% in combined value, BOI says
Japanese firms ranked first with 87 projects worth 42.8 billion baht, followed by investments from the U.S. with 18 projects worth 24.1 billion baht, and China with 63 projects worth 18.6 billion baht.
In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.(more…)
Large Shopping Malls in Bangkok Will Be Closed until July 25th
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