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Thailand to open more working sectors to foreign companies
Thailand is preparing a proposal to open additional sectors to foreign firms to attract investment and restore economic growth.
The Commerce Ministry has prepared a proposal for the cabinet to remove 10 business categories from the restricted list under the Foreign Business Act (FBA). If approved, foreign companies will not be required to obtain a Foreign Business License to operate in those sectors, significantly increasing the likelihood that foreign businesses will enter and operate in Thailand.
According to the Ministry’s Foreign Business Administration Division, some of the sectors may include telecommunications, software development, financial management, petroleum exploration and trading in agricultural derivatives. There are no details yet on when the reform will take effect, as it is still awaiting the cabinet’s review.
Additionally, the ministry may reduce the approval time for foreign business permits to 1 month, down from the current 60-day review period.
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