The American Chamber of Commerce in Thailand (AMCHAM) posted a notice on its website here expressing concern about rumored changes to Thaland’s Foreign Business Act. The notice reads:
In reference to news media reports that the Royal Thai Government is preparing a draft bill to amend the Foreign Business Act BE 2542, the American Chamber of Commerce in Thailand (AMCHAM), whose member companies have invested over U.S.$50 billion in Thailand, would like to highlight that it welcomes an opportunity to review and provide input to any proposed amendments to any local laws that may impact the foreign business community in Thailand as part of a thorough and transparent consultative process.
However, at a time when Thailand’s exports, tourism, and domestic economy are struggling, and when Thailand’s competitors in ASEAN and Asia are firmly set on a liberalizing track, any amendments that are protectionist or more restrictive in nature, as well as being retroactive in application, will only further damage foreign investor confidence, likely lead to a significant reduction in foreign private investment, and harm Thailand’s regional competitiveness.
“We sincerely hope the Royal Thai Government will not rush to enact restrictive and damaging amendments that will adversely impact the Thai economy,” says Darren Buckley, President of AMCHAM’s Board of Governors.
AMCHAM believes that the current government, as repeatedly stated by the Prime Minister to the foreign community, is sincere in its commitment to support and encourage further foreign investment, and we stand ready to assist in amending current restrictive and outdated legislation and regulations for the benefit of Thailand and foreign investors alike.
For more information on investment related laws in Thailand, click here.