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Upcoming Thai Gov't Warned not to Rush Amending Economic Laws
Thailand's Deputy Prime Minister Supachai Panitchpakdi warned the upcoming government not to rush to amend economic laws, saying the country's economic recovery would experience a setback if the amendment was made without extreme caution, the Thai News Agency reported Thursday.
The Thai Rak Thai (Thai Love Thai) party, which won an unprecedented majority in the general election earlier this month, had promised in its election campaign to lobby for an amendment to 11 economic laws, particularly the Alien Business Law.
The party viewed the law as biased because it gives foreigners, instead of Thais, an easy way to do business in Thailand.
Supachai, who is also commerce minister, said he was concerned about reports on possible revision and amendment of the Alien Business Law.
The reports could result in foreign investors reducing or halting their investment in Thailand until the new government's policy statement is delivered. That would definitely affect the economic growth because Thailand still needs to rely on foreign investment and technology development.
Any amendment to the laws must have a good reason to support. Otherwise it could affect the country's economic recovery which remains fragile and relies mainly on foreign investment.
Supachai expressed support to the next government's plan to cut spending budget by over 40 billion baht (US$930 million) and use the amount to support necessary investment projects.
He said it was normal the government needed to shift investment budget to important projects, but warned the business could be affected if the budget was excessively cut.
The Thai Rak Thai party plans to form a coalition government in early March.
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