Objections of The Foreign Business Community
The foreign business community have objected to the draft on the following bases.
- 1. Thailand as a WTO member had equal national treatment of businesses of all WTO member countries, provided foreign equity investment was limited to 49%. The draft Foreign Business Act eliminates those rights.
- 2. Foreign companies in Thailand had for years structured their companies into different classes of shares with differential voting rights. These had been accepted by the Ministry of Commerce for years. The new Foreign Business Act will make those structures illegal.
- 3. All other countries such as Malaysia, Vietnam, China and India are opening their markets to foreign investment yet the draft Foreign Business Act by narrowing the definition of alien closes the Thai market and makes Thailand look as if it has a protectionist strategy.
Read more about this topic: Foreign Business Act Of 1999 (Thailand)
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