Hope on Thailand's doing business ranking by World Bank will improve

BANGKOK, March 12 (TNA) -- After amending and improving business law in the past three months, Finance Minister Apisak Tantivorawong says he is optimistic that Thailand’s ranking in the World Bank ‘Doing Business’ report would improve. Mr Apisak told journalists after a meeting Friday that considerable progress was made on 10 categories the World Bank used in considering and gave its ranking in the ‘Doing Business’ report. He said the government has amended business law as well as set up of business firm by the private easier in an attempt to enable Thailand a “friendly business country”. The amendment covers customs law, goods clearance could be made within three from four days earlier, issuing a law allowing small and medium-sized enterprises (SMEs) to use goods storing in warehouses as guarantor, he said. The new law will be enforced from this July 2, said Mr Apisak. Thailand’s ranking in the World Bank ‘Doing Business’ report for 2016 slipped fell from 46th place in 2015 to 49th among the 189 economies covered. The lower ranking, according to the World Bank, was attributed to difficulty to access credit for companies and SMEs, their lack of credit-bureau coverage, delays in or an absence of legislative enforcement, and the long procedure for facilitating the starting of new firms. Senior officials of the World Bank are expected to visit Thailand and make a new evaluation between April and May, said Mr Apisak. Meanwhile, Boontak Wangcharoen, chairman of Thai Bankers’ Association, (TBA) said TBA along with the Board of Trade of Thailand and the Federation of Thai Industries are satisfied as the business law amendment would persuade more foreign businessmen to invest in Thailand. (TNA)