FBA : the corpse is still moving

A strange piece was published by TNA last week (thai official news agency), about the Foreign Business Act.

I say strange because it’s rather… opaque. I mean difficult to understand.

Here are some quotes.

“He conceded that some definitions in the amended document are given such comprehensive attention that observers are concerned it will discourage foreign investment.

He said the definition of “management control” in the amended FBA is given to consider whether foreign shareholders have the absolute power to decide on various key matters of business over Thai shareholders.

It would have nothing to do with normal business management, he said, adding that many kinds of businesses in Thailand needed to count on foreign management skills, particularly in fields where Thai personnel had no expertise.

“We welcome all foreign investors who want to run businesses in our country with their goodwill. But if they secretly run business through nominees, we have no choice but to cope with them,” he said.

He added NLA would deliberate a special provision of FBA again on November 12 to give assistance to foreign businesspersons running business honestly in an earlier period.

Once the amended FBA is effected, he said, a revision of three business lists must be made as soon as possible as a duty of the new government to deal with it. “

So here is my interpretation :
-FBA 2 is going indeed to be voted by the NLA, before the elections (race against time) (reminder : in august, the government withdrew the whole draft)

-but in a gesture of “good will”, to ease some concerns, some members have decided to give “a special provision” (a mere toy)

-plus the perspective to revise (in the future of course) the composition of the famous lists.

To sum’up : nothing has changed.