While the Cabinet did approve a draft foreign ownership measure in principle on October 25th, many parties have voiced their opposition since then. In light of these concerns, the Interior Ministry has decided to postpone the adoption of the draft ministerial rule in favor of holding public hearings and soliciting opinion from the affected parties.
Anucha Burapachaisri, a government spokesperson, said the Cabinet meeting approved the interior ministry’s proposal to rescind a Cabinet resolution from October 25. The prior decision authorized a draft rule from the Ministry of the Interior that would limit foreign ownership of land in Thailand to no more than 1 rai. The earlier action was taken to stimulate the economy and attract investments by luring high-potential internationals to Thailand. The plan called for an investment of 40 million baht to be kept for three years in exchange for the ability to buy land.
The official explanation for the withdrawal was that more information and feedback needed to be gathered from the public and other interested parties.
General Prayut Chan-o-cha, the Prime Minister of Thailand, announced following today’s Cabinet meeting that contentious topics will be tackled. He stressed the proposed ministerial regulation had not yet been implemented and was still in the feedback gathering stage.
Gen. Anupong Paojinda, the minister of the interior, said he requested the pullout because of the delicate nature of the situation. He stressed the need to thoroughly consider the potential benefits and drawbacks to the economy and society.
