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Economy April 17, 2018 04:46

By The Nation

LAW REFORM NUDGE



Discussions at the top level of government have been held on a proposal by the junta-appointed Law Reform Committee that a working panel be set up to speedily reform regulations covering business.

The Minister of Prime Minister's Office, Kobsak Pootrakool, has been in talks with Deputy Prime Minister Wissanu Krea-ngam on the matter.

Kobsak is chairman of a subcommittee reviewing the law that is widely regarded as a hindrance for businesses, He said the proposed panel would give priority to reviewing the economic law and the procedures for business permits before moving on to other aspects of it. 

The abolition of unnecessary regulations, along with slimming down the number of permits, is expected to cut the cost of doing business doing cost by between Bt40 billion and Bt50 billion in the initial period, Kobsak said.

Thailand has around 700,000 types of permits. The government aims to cut the number to 6,000 this year and to 1,000 within five years.

 

MYANMAR JOBS BOOST

 

Proposals approved by the Myanmar Investment Commission in fiscal 2018 will create more than 110,000 jobs, the Directorate of Investment and Companies Administration said.

Some 93,197 domestic workers and 2,508 foreign workers will be employed in enterprises by 222 foreign investors this fiscal year. More than 21,500 domestic workers and 467 foreign workers will be employed under proposals backed by Myanmar investors in the 2018 fiscal year.

More people have moved to the Yangon region due to increasing number of job opportunities there, according to a survey conducted by International Labour Organisation.

About 42 per cent of people living in that region are from other states and regions and 26 per cent relocated for work, the survey said.

Internal migration has picked up since 2011, when the country’s economy began improving under political reforms, according to a survey conducted by the World Bank and the Livelihoods and Food Security Trust Fund in 2015. – ELEVEN MEDIA