Thailand to Revitalize Economy with Over 100 Law Revisions, Deputy PM Eyes Results in 2 Months

Deputy Prime Minister for Legal Affairs, Mr. Pakorn Nilpraphan, has announced progress in revising laws to enhance the country's competitiveness and efficiency, noting that collaboration with the private sector has commenced. Through the Joint Public-Private Consultative Committee (JPC), involving the Thai Chamber of Commerce, the Federation of Thai Industries, and the Thai Bankers' Association, the review of laws hindering business operations is underway. Currently, over 100 law revision proposals have been submitted by the private sector, with the majority originating from the Federation of Thai Industries and the Thai Chamber of Commerce. These proposals require further categorization and consolidation to pinpoint laws with the most significant impact on the economy and competition. The Deputy Prime Minister emphasized a strategy of rapid response rather than a time-consuming, comprehensive master plan. The private sector has been asked to clearly specify problematic laws and the exact wording requiring amendment. Once clear drafts are submitted, public hearings with stakeholders will be organized. Following consultations and consensus, the principles will be presented to the Cabinet, which will then assign relevant ministries to proceed with the legal amendments. Priority will be given to matters that can yield prompt and substantial benefits for businesses. The government will prioritize laws according to the "7 Leading Thailand" strategy, focusing particularly on sectors directly impacting competitiveness, such as tourism and manufacturing. The private sector has consistently highlighted that high operating costs hinder Thailand's ability to compete internationally. Mr. Pakorn stated that preliminary discussions with the private sector have already identified beneficial and implementable proposals, and a system is being established to continuously track the progress of each matter. However, he acknowledged that competitiveness issues extend beyond legal reforms, citing structural cost problems like high energy prices, which form the fundamental cost base for all businesses. Without addressing these issues concurrently, legal revisions alone may prove insufficient. While the initial estimate for seeing tangible results was approximately two months, significant progress has been made. The Deputy Prime Minister anticipates a clearer picture to emerge within the next one to two months.