Contracts & Commercial

Government to enact New Law to promote Community Enterprises

Date: 16 May 2018; Type: Legal News; Source: National News Bureau of Thailand

BANGKOK, May 16 (NNT) - The government is working on a new draft law designed to help promote community enterprises in Thailand.

In another bid to strengthen the grassroots economy, the government is aiming to support community enterprises to help them grow further.

Minister Attached to the Prime Minister’s Office, Kobsak Pootrakool said on Wednesday that the new draft law on the promotion of community enterprises, which already received the Cabinet approval on May 8, has been designed to enable over 63,000 such community-based organizations across Thailand to register themselves as juristic persons and conduct businesses legally.

This legal development means community enterprises will soon be able to engage in any financial transaction, and trade activities as well as lease land and properties more conveniently.

Mr. Kobsak added that the government has also instructed the Office of Small and Medium Enterprises Promotion to actively lend assistance to all community enterprises in every possible area, from access and funding sources to marketing and exports.

Mr. Kobsak believes that this change will equip community enterprises with leverage in trade negotiations and help bring all of them together to develop more products for export, while helping improve the quality of life of over three million people at various communities nationwide.

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