Ekniti: Cutting red tape key
The government will launch the "Thailand Fast Pass" scheme on Tuesday to accelerate major investments by cutting approval times and easing regulatory bottlenecks, says Finance Minister Ekniti Nitithanprapas.The scheme builds on the success of the BOI Fast Pass programme, which has proven capable of stimulating investment without requiring additional budget spending, said Mr Ekniti, who is also a deputy prime minister.
He said streamlining government approval and licensing procedures through closer coordination among state agencies can help promote investment, as reflected in higher levels of foreign direct investment (FDI) in Thailand.
Mr Ekniti said fast-track policies directly strengthen investor confidence, noting that Thailand's ranking in international investment competitiveness compiled by the International Institute for Management Development (IMD) improved from 30th to 24th place.
The Board of Investment (BOI) says Thailand Fast Pass is designed to speed up approvals and permits for large projects in targeted industries, reducing processing times by 20–50%.
