BOI meet with foreign chambers of commerce in Thailand, to join forces in enhancing business environment

The Thailand Board of Investment (BOI), Dr. Korbsak Pootrakool, Minister Attached to the Office of the Prime Minister and representatives from several government agencies met with 60 delegates of foreign chambers of commerce in Thailand from over 30 countries to discuss the country’s investment opportunity, the Eastern Economic Corridor (EEC) development, infrastructure readiness and the government’s facilitation system, in particular, the launch of SMART Visa service.

Chaired by Mr. Pootrakool, the meeting aimed at building confidence among foreign investors and obtaining inputs from foreign business community on enhancing business environment. The minister also reiterated Thai government’s commitment to constant improvement of the overall ecosystem and development of infrastructure to support business activities.

Ms. Duangjai Asawachintachit, BOI’s Secretary General, revealed that the meeting provided representatives from foreign chambers of commerce in Thailand with latest updates on BOI’s investment measures and policy, especially in the areas of the EEC development. Moreover, the SMART Visa, the new visa category issued to foreigners to be launched on February 1, 2018 is designed to attract foreign talents and investment in the 10 S-curve industries. The meeting also serves as platform for BOI to seek advice, opinion and suggestions from chamber delegates and international investors.

The EEC program is one of the core projects in Thai government’s short- and medium-term economic development, particularly key infrastructure projects including the high speed railway linking three airports, MRO centre at U-Tapao Airport, expansion of Map-Ta-Put and Laem Chabang deep sea ports.

Mr. Stanley Kang, Chairman of the Joint Foreign Chambers of Commerce in Thailand (JFCCT), said, “We are greatly delighted to see Thailand’s continual improvement of policy measures and facilitation for foreign investment, especially the launch of SMART Visa service which makes it easier for international highly skilled professionals in science and technology to work in Thailand.

The meeting also agreed with the recommendation by Mr. Pootrakul to set up a working group for foreign chamber of commerce and the related Thai authorities. The working group will serve as a platform for ideas and information exchange in order to improve business related regulations to better facilitate investment and maintain Thailand’s position as the preferred investment destination in the region.

The consultative meeting between BOI and foreign chambers of commerce in Thailand is held annually on a regular basis and provides that platform for opinion exchange that results in the improvement of policy and regulation to facilitate international investors in doing business in Thailand.

Thailand was ranked 26th most business-friendly nation in the 2018 according to the World Bank’s Ease of Doing Business. Thailand was the second-most improved country among 190 economies in the 2018 rankings, climbing from 46th in 2017.