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Foreign business approvals up 6% to 151 in first 5 months

The Commerce Ministry's Business Development Department has given approval to 151 foreign firms to set up operations in Thailand under the Foreign Business Act during the first five months of the year worth a total of more than Bt6.3 billion, it said.

The number of approvals is 6 per cent higher than in the same period last year, while the value of initial capital investment dropped 29 per cent.

The approvals resulted in creation of about 1,730 new jobs for Thais.

Pongpun Gearaviriyapun, director-general of the department, said foreign investors were still interested in setting up businesses in Thailand.

This month alone, 23 firms have been approved under the act, down by 3 per cent from April, though 113 per cent more than in May last year. The value of initial capital investment rose 214 per cent year on year to Bt622 million.

Pongpun said the May approvals would create at least 336 new jobs for Thais.

Most of the firms approved this month are related to financial services, retail, consultancy and management for subsidiary companies. The investors mostly hail from Singapore, Hong Kong, Japan, Germany, the United States, the Netherlands, the United Kingdom, Switzerland, mainland China, South Korea and France.


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