Amendments Foreign Business Act and Retail law aimed at closing loopholes in current laws have did not pass following proposed tougher amendments.
Foreign Business Act and retail law won't pass
Source: Bangkok Post December 19 2007
Commerce Minister Krirk-krai Jirapaet admitted yesterday that amendments to the Foreign Business Act and the new Retail and Wholesale Business Act would not be approved by the current government. ''The National Legislative Assembly only has two meetings left, and previous meetings were adjourned due to the lack of a quorum,'' he said. Mr Krirk-krai said he was personally willing to push ahead with the two controversial bills, but said efforts to move the legislation forward had been undermined by various special interests.
Foreign businesses have been adamantly opposed to the proposed changes to the Foreign Business Act, which include a more strict definition of foreign ownership to include shareholder rights.
Local and foreign retailers, meanwhile, are opposed to the retail law, which imposes restrictions on the construction of hypermarts and large stores to help reduce competition for traditional retail outlets.
