Bangkok city (Source
Bangkok (VNA) – Thailand is planning to loosen foreign investment and licensing regulations on foreign participation in some business sectors relating to banking and insurance, according to the Business Development Department (BDD).

BDD Director Ponggun Gearavavirijapun said the plan was examined by the State Council and will be submitted to the Cabinet for approval.

Once the plan is approved, foreign investors in the four namely commercial banking, representative office of foreign banks, life and non-life insurance sectors will not need to obtain business license from the department, he added.

The initiative was introduced after Thailand agreed to lift the four sectors from Category Three under the Foreign Business Act (FBA) in May 2015.

Category Three stipulates the group of businesses, in which Thai enterprises are deemed not ready to compete with foreigners, Therefore, foreign investors have to submit applications for business licences for their operations in business areas specified in the Category.-VNA