Thailand allow foreign investment to make jobs

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Mark Kent. Part of UK in Thailand. Political turbulence in Thailand in the first half of took its toll on the economy. But in the immediate aftermath of the military coup on 22 May, I met many Thai and British business people who were optimistic that business confidence would quickly return to the Thai marketplace and that the economy would start to come out of its slump. On a less optimistic note, a number of the longer-serving members of the British business community in Thailand also predicted that proposals to amend the Foreign Business Act FBA in a way unhelpful for foreign investment would be taken out of the cupboard, having previously been stored away in It looks as if the business people were right on both counts.

Mark Kent. Part of UK in Thailand. Political turbulence in Thailand in the first half of took its toll on the economy. But in the immediate aftermath of the military coup on 22 May, I met many Thai and British business people who were optimistic that business confidence would quickly return to the Thai marketplace and that the economy would start to come out of its slump.

On a less optimistic note, a number of the longer-serving members of the British business community in Thailand also predicted that proposals to amend the Foreign Business Act FBA in a way unhelpful for foreign investment would be taken out of the cupboard, having previously been stored away in It looks as if the business people were right on both counts. Business confidence has returned, although the economy has not recovered as quickly as many wished. The two are linked.

If the proposed amendments go through, the chance of a sharp improvement in the Thai economy becomes less likely.

The effect would be to prevent the use of preferential shares by foreign investors to control their business. Just as inthis is a cause for concern amongst international investors in Thailand, the foreign Chambers of Commerce, and the many Thais who believe in liberalising the economy.

Consequently, it is a cause for concern for me and my diplomatic colleagues from other Embassies. Our worry is compounded by the risk that it may be done in a way which does not take account of the concerns of the investor community. I hope this will not be the case.

But what is more, like many others, I am not really clear why such a change is being proposed. Thailand aspires to become a high income country, and rightly so.

Thai Ministers talk daily of their plans to invest in infrastructure, education, the digital economy, research and development. They talk of making Thailand a hub for trade in South East Asia.

These are plans to commend, and British companies have much to offer in partnership: clever technology, robust project management experience; and world class creativity. Technology, knowledge, innovation — these are the very ingredients that Thailand seeks to move up the value chain. They are also the things that international companies offer through foreign direct investment. In the past, Thailand flourished by welcoming foreign investment in manufacturing.

This has created employment and prosperity for Thai citizens. But there is a risk that the Thai authorities could take a step backwards at the prospect of the next stage of economic development. This could have far-reaching consequences for the next generation of aspiring Thais. Foreign investors now have real choices as they decide where to base their money, technology and jobs thailand allow foreign investment to make jobs South East Asia.

In contrast, the proposed changes to the FBA may well make Thailand a less attractive place to invest. Foreign investors are unlikely to risk their hard-won technology and brand reputation if they no longer have control over how these will be used.

The jobs and growth will go. It is not just the future flow of foreign investment that would be affected. The proposed changes to the FBA may well hit those already invested, potentially several thousand foreign companies, employing ,s, if not millions of Thais. Existing investors may well decide to hold back investment plans at a time when the Thai authorities want to stimulate growth.

Some may even choose to disinvest for fear of expropriation. This in turn may lead companies to seek compensation under international trade and investment obligations that Thailand has undertaken.

So, Thailand faces a choice. It can choose to seize the initiative again, make itself the most attractive destination for foreign investment, and increase the chance of moving up the value chain, to the benefit of its people. Why do we allow them to thailand allow foreign investment to make jobs and operate their own businesses in England when it is almost impossible for me to do the same.

Why do I have to report to the police every 90 days like a criminal on probation when I have a yearly visa? As a foreign business part owner and operator I too am concerned with the amendments of this law. Good article Mark, and thanks for taking the time to write it. Great summary. The rumour is that the Americans got their treaty of amity after indicating that they would impose mutual restrictions on Thai owned businesses in the US.

So the big question is this, if the FBA is tightened will we simply moan, or will we do something concrete like impose similar restrictions on Thai businesses across the EU. New investors have a choice, however those investors already committed to Thailand I am sure like ourselves are concerned what the future holds.

So the UK anbassador is fine with a military coup overthrowing an elected government, following the illegal occupation of the capital by groups armed and supported by the RTA. Mark Kent graduated in Law from the University of Oxford. Or it can choose a different path. Mark Kent took up his appointment in August We use cookies to ensure that we give you the best experience on our website.

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It includes digital interconnectivity and cooperation between government departments, and will require significant improvements in educational standards—at the primary, secondary and tertiary levels of public zllow private institutions, but also will necessitate retraining within companies and business associations. November 28, One Bangkok places people. Foreign ownership in those sectors is limited to 49 percent. One Bangkok: One Vision Combining the unique heritage of Thailand with futuristic living, two leading companies have joined forces to create jons integrated city district of unprecedented scale, assured of taking its place as a new global landmark destination. Many stores of top international and local brands at Siam Paragon, as well as at Siam Center, regularly register the highest sales per square foot among their stores in Thailand and the region. Representatives of Temasek could not be go for comment today. Indeed, failure to do thiland would indicate illegal employment in the Kingdom in most cases. What incensed the Thai public most about the Shin deal, though, was that Mr. With a total gross floor area of more than 1. You will receive emails containing news contentupdates and promotions from The New York Times. Foreigj ouster set in motion a series of legal challenges to the deal, including a suit against regulators who approved it and an investigation into allegations of tax evasion. One Bangkok embraces sustainability and will utilize technology to enrich the lives of its residents, workers and visitors with a highly pleasant and smoothly functioning environment to make day-to-day activities such as commuting, recreation and shopping convenient and relaxing.