IAS Advisory co-founding partner Ms Siripen Kulworakulpitak was pleased to contribute to Asia Business Law Journal (ABLJ)’s recent feature “Opportunity Knocks,” published on Tuesday 22nd July, about the Thai Cabinet’s decision to amend the Foreign Business Act (1999) (FBA).
The proposed reforms are intended to ease restrictions on foreign business ownership under the FBA and create a more open investment climate. Thailand’s Ministry of Commerce has also been instructed to revoke certain rules under the FBA deemed to have a negative impact on the country’s economic development.
While concerns have been raised over clarity, enforcement and fairness in respect of the amendments, there are doubts about the extent to which the government really intends to modernise the country’s investment framework, and questions remain about the opportunities that will actually be available.
For its feature, ABLJ engaged senior Thai lawyers and other experts to consider what the reforms mean for businesses in practice. Also, to discuss if real liberalisation is likely to follow. Siripen was supported in her work on this project by IAS Advisory senior associate and corporate/M&A specialist Ms Sukontharat Nobnom.
To find out more about Thailand’s recent efforts to ease restrictions on foreign business ownership under the FBA, and to read ABLJ’s full feature, click HERE.
