Government to no longer require factories submit license application annually
The Industry Ministry plans to submit a change in the law so that factories will no longer be required to renew their licenses annually. The Ministry plans to submit changes to section 15, which currently requires factories renew their licenses every five years, so that factory owners will receive a permanent license and pay an annual maintenance fee to the cabinet for approval, once approved it would be put before the NLA for a vote. The Ministry expects the law to become effective early next which would mean operations who face renewing their factory licenses in 2019 – 2013 will not need to undergo the complex process of Ror Ngor 4 renewal, the change would affect 59,327 factories. The Ministry predicts the removal of the renewal requirement will free up officers to more quickly approve new factories.
Cross border and transit trade grew 6.1 percent year on year in the first nine months of the year, with Malaysia topping the list for border and transit trade. Border trade was valued at 834.4 billion baht, up 4.1 percent and transit trade jumped 15.3 percent to 202.5 billion baht. Bi-lateral trade with Malaysia accounted for 426.2 billion baht while Laos, ranked second, saw bi-lateral trade valued at 158.7 billion baht. Myanmar came third with trade valued at 143.9 billion baht.
Foreign Direct Investment jumped 53 percent in the period from January to July – hitting US$ 7.6 billion in part due to the ongoing trade war between China and the United States. Manufacturing inflows surged almost five times according the Bank of Thailand. Other South East Asian nations also saw similar jumps in investment funds coming in, analysts state that the inflows could be due to manufacturers setting up business in ASEAN nations in order to avoid the tariffs.
A tourism stimulus package is being submitted to the Cabinet for consideration as numbers of Chinese tourists have dropped recently. The package, which is expected to be approved in November, will most likely include an exemption of the 2,000 baht fee for a visa on arrival, and double entry visas will be implemented in a few months. The package will involve the TAT, the Ministry of Tourism and Thai Airways International.