At a seminar titled "Public Participation in the Foreign Business Bill BE 2550" at the United Nations Convention Centre yesterday, participants said the amendment of the act will not only affect foreign investors, but also common Thais. They said the best way to increase public understanding is to renegotiate with all parties on issues of concern, in particular the control of voting rights.

European Union trade counsellor in Bangkok Jean Jacques Bouflet said the Thai government's proposal on control of voting rights have violated its WTO obligations. The Thai government must hold talks with all parties if the country wants to enforce any conditions beyond international commitments, he said.

Bouflet said the Thai government should allow all involved sectors to comment on the FBA amendment.

The EU office presented a letter to the government concerning the FBA amendment on February 9. However, the government has given no response to the EU.

A representative from the German Chamber of Commerce in Bangkok said the interim government should do nothing about the FBA and should instead wait for a democratic government to consider the amendment.

Regarding the democratic process, he said Thailand should wait until the country has an elected government before proposing any changes that would have an impact on foreign investors.

"Waiting for a democratic government should bring a better understanding among foreign investors," said the representative who asked not to be named.

Stephen Frost, board member of the British Chamber of Commerce, said the proposed tightening of the FBA is one of the causes of the Kingdom's economic slowdown. 

He said Thailand was not ready to compete with foreigners. The proposed changes will make investment in Thailand even more difficult.

To decrease the negative impact of the proposed amendment, Frost said foreigners want to see a careful and comprehensive study covering all 43 restricted businesses under annexes I, II and III. The government should compare its amendment with foreign business laws in other countries. Particularly, all concerned parties should have had an opportunity to debate issues of concern involving the government's amended act.

Kanissorn Navanugraha, director-general of the Business Development Department, said the government will press ahead with the amendment.

The department has recently reconsidered the Commerce Ministry's draft and compared it with the National Legislative Assembly's draft as well as the Council of State's proposal. The draft should be resubmitted for the Cabinet's consideration this month.

He said the Cabinet would decide whether to use details of each draft. The process of amendment should be finalised within 30 days after the Cabinet's approval and passed on to the NLA.

NLA member Somchai Sakulsurarat said the government should carefully consider the amendment of the act and ensure fair practice for all businesses without discrimination.

He suggested the government should focus on provisional clauses with exact periods to allow foreign companies to declare themselves instead of drawing up retroactive provisions. 

Petchanet Pratruangkrai

The Nation