Thailand to tighten regulations on foreign businesses
The Department of Business Development (DBD) in Thailand is stepping up efforts to enforce laws governing foreign businesses, ensuring fair competition for Thai entrepreneurs.
Bangkok (NNT/VNA) - The Department of Business Development (DBD) in Thailand is stepping up efforts to enforce laws governing foreign businesses, ensuring fair competition for Thai entrepreneurs.
Auramon Supthaweethum, Director-General of the DBD, has affirmed the department's commitment to collaborating closely with law enforcement to ensure compliance, particularly focusing on foreign businesses that may be using nominee shareholders to circumvent the 1999 Foreign Business Act. Violators will face severe penalties as part of these enforcement efforts.
Auramon also highlighted the department's proactive approach to strengthening Thai SMEs, especially in the context of the rapid growth of online commerce, which has introduced low-cost products that impact local businesses. To address these challenges, the DBD has developed nine strategic measures designed to enhance the competitiveness of Thai entrepreneurs.
These measures include expanding online market channels, boosting e-commerce capabilities, promoting Thai community products, and securing affordable sales spaces for businesses. Additionally, the department is providing SMEs with essential business knowledge and digital tools.
The DBD is also focusing on integrating business networks through initiatives like the MOC Biz Club and supporting the growth of local franchises. Furthermore, efforts are underway to modernise traditional retail stores, helping them integrate into the broader supply chain.
These initiatives are aime💫d at ensuring that Thai SMEs are equipped to compete and grow sustainably in the evolving global marketplace./.
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