Thailand must boost competitiveness via law change to unleash business: Wissanu
Thailand must boost its competitiveness by amending laws and regulations to promote ease of doing business, Deputy Prime Minister Wissanu Krea-ngam said on Wednesday.
Wissanu, the government’s legal expert, was speaking during his keynote address on "How unlocking laws and regulations can boost the country's competitiveness" at the 2022 Sampao-Navathong awards.
The annual awards are organised by the Thai Chamber of Commerce (TCC) and Board of Trade to honour government agencies that ease difficulties in business operations.
Wissanu said good laws and regulations are essential to create a supportive ecosystem for business activities covering labour, tax, facilities, environment and anti-corruption issues.
"Hence, acts, royal decrees, regulations, ministry announcements and orders need to be amended and reformed," he said.
The government has spent years amending laws, but some legal changes to facilitate business were still incomplete due to the lengthy amendment process, Wissanu said.
Parliament’s dissolution and government agencies' attitude had added to delays.
Wissanu said the current government's reform plan covered the scrapping of outdated laws, updating laws with amendments and creating new laws.
He said government and private sector had improved almost 1,000 business processes, but laws and royal decrees took a lot of time to improve. He cited the Electronic-means Administrative Functions Act BE 2565 for digitalisation of government.
Wissanu said the attitude of government agencies towards facilitating business must change to enable faster amendment of laws that would boost Thailand’s competitiveness.
TCC chairman Sanan Angubolkul said the chamber and related agencies have improved 938 operations so far. This had reduced operating costs for businesses by 100 billion baht per year, which had also created opportunities for Thailand, he said.
The country now needed to accelerate foreign investment, said Sanan, adding that the Eastern Economic Corridor was ready to support investment from foreigners worldwide.
"Attracting investment is key to generating revenue for the country as domestic investment from the government and private sectors may not be enough for recovery," he said.
Foreign investment brings the added benefit of knowledge exchange on new technologies, he said, urging the government and private sector to build an ecosystem to support foreign business and investment in Thailand.
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