2012 Oct 29
October 29, 2012

Asean on the fast track

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Fast track services are being formulated to facilitate Asean investment in Thailand ahead of the Asean Economic Community in 2015.

Banyong Limprayoonwong, director-general of the Business Development Department, said the agency is preparing to give a facelift to services for foreign investors.

A new Asean Fast Track Lane will streamline the process of investing in Thailand, he said.

“The department is now looking at investment regulations in the other nine Asean countries to see how our procedures can be overhauled to accommodate and streamline their investment in Thailand,” he said.

The Asean Fast Track Lane could include bilingual investment information in Thai and English on, for example, the Foreign Business Act and related regulations and guidelines for establishing juristic persons.

Information will be closely linked to that of the Board of Investment.

Immediate foreign business certification can be granted by the department, said Mr Banyong.

Department statistics show foreign investment from Asean nations between March 3, 2000 and Sept 30, 2012 totalled 540 projects, led by Singapore with 452.

Singaporean investments were mostly in the service, hotel, representative office, retail and wholesale, construction and engineering, consulting, accounting and law, and food and beverage sectors.

Malaysia came in second with 66 projects, mostly in the service, representative office, construction and engineering, accounting and law, and wood processing and furniture sectors.

Indonesia accounted for 10 projects, followed by the Philippines (3), Vietnam (5), Laos (3) and Cambodia (1). –Bangkok Post