BANGKOK – Though the number of foreigners given work permits in Thailand under the Foreign Employment Act of B.E. 2542 has dropped by 23%, the total value of foreign investment from last January to November has grown to 22.15 billion baht, amounting to a 106% increase.
Deputy Business Development Department Director General Phunphong Naiyaphakorn, has confirmed that the total value of foreign investment has risen more than 100%, including that in high-cost projects such as the electric train project and services related to satellite technology for the exploration and drilling of petroleum wells. Given the Board of Investment (BOI)’s promotional privileges, foreign investors have launched 1,165 investment projects with a combined value of 314.13 billion baht in Thailand accounting for an 11% increase. Given the BOI privileges, these foreign investors didn’t need to obtain work permits under the Foreign Employment Act.
Besides, the Department of Business Development has lifted regulations in order to provide greater convenience to foreign investors who have been supported by the BOI. However, such foreign investors need to obtain a letter of business certification within a 30-day time frame. The letter of certification is to be signed by the registrar and a fee can be paid via e-Payment, meaning the whole procedure is done in just one day.
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