Omnibus law sought to unlock investment

Ekniti hopes move will attract B900bn

- WICHIT CHANTANUSORNSIRI

The government plans to introduce an omnibus law that could include regulations on property, construction permits and investor visas. However, land rights activists have periodically staged protests, calling for concrete policies to address widening inequality in Thailand.

(WATCHARAWIT PHUDORK)

The government is preparing to introduce an omnibus law to remove investment bottlenecks, with the hope of attracting 900 billion baht in actual investment this year from projects that have applied for investment promotion with the Board of Investment (Bol).

In a keynote speech at an investment forum yesterday, caretaker finance minister Ekniti Nitithanprapas said discussions have begun with the Council of State to draft an omnibus law—a consolidated law that brings together rules and regulations related to investment into a single piece of legislation, and allows for a fast-track process.

The law could cover regulations on land under the Land Act, property acts, construction permits and investor visas, he said.

A longstanding obstacle is investors are required to leave the country and return to obtain a new visa stamp every 90 days.

“This law, if it can be enacted, will transform the investment landscape in Thailand,” said Mr Ekniti.