Tag Archives: Dej-Udom

ILN Today Post

09 JAN – ASEAN Today – Regional Legal and Business News – December 2017

Blockchain Technology
A recent report by a global business consulting firm argues that ASEAN will be the top investment destination in the region by 2025, replacing China, and that disruptive trends in the logistics sector will boost ASEAN’s position as a leading business hub. The report states that it expects blockchain to influence ASEAN’s supply chain management the most. A blockchain facilitates secure online transactions and is a continuously growing list of records linked and secured using cryptography. Blockchain use in the ASEAN region will help boost the logistics industry, accelerate trade growth, and support the rapid adoption of digital technology.

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ASEAN Today – Regional Legal and Business News – November 2017

ASEAN Investment Report 2017
The ASEAN Secretariat and the United Nations Conference on Trade and Development (UNCTAD) released the “ASEAN Investment Report 2017: Foreign Direct Investment and Economic Zones in ASEAN” at the 31st ASEAN Summit in Manila this month. The report states that even with the drop in global foreign direct investment (FDI) into developing economies, FDI flows into ASEAN in 2016 remained high. However, inflows into ASEAN did decline to US$97 billion in 2016 due to divestment,. This was due to ASEAN companies acquiring foreign assets in their home countries, and repayment of intracompany loans. Intra-ASEAN investment made up 25% of the total FDI inflows, an all-time high.

ASEAN Fintech Network
The ASEAN Fintech Network (AFN) launched this month and will be a platform to promote cross-border collaboration amongst members and help boost the region’s position as a Fintech hub. The AFN’s founding members are non-profit Fintech industry organizations from Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. Fintech is an innovativeon and new technology, and is used to deliver financial services as an alternative to traditional financial methods. ASEAN has great potential for Fintech companies as it has a rapidly growing online population together with low banking penetration.

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New Immigration Arrival and Departure Card & Madrid Protocol News

An update on the new Immigration arrival and departure card and news about Thailand’s accession to the Madrid Protocol

Immigration Arrival and Departure Card

On October 1, 2017, a new Immigration Arrival/Departure Card will replace the current TM6 form. The proposed new form will have only one side for visitors to record both arrival and departure information together with an “automatic channel” barcode. However, the new form still contains much of the requested information on the old TM6 form, now just on one side. So, its effectiveness is being debated by the Ministry of the Interior, the Immigration Bureau, and the Tourism Authority of Thailand. With the international spotlight on immigration procedures and long waiting times at Thailand’s international airports, the government is also exploring canceling the use of the TM6 form entirely. While the process of studying and exploring the pros and cons (facilitation vs national security) is underway, filling out the Immigration Arrival/Departure Card is still required.

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Asean Today – Regional Legal and Business News – June 2017

ASEAN Economic Community News

Regional Economic Outlook
The ASEAN Secretariat reports that ASEAN in 2017 will continue to see strong economic growth that should match its 4.8% growth in 2016. The Secretariat attributes the growth to the strengthening of private consumption and private investment in the region. In 2018, they expect domestic demand growth to be driven by 1) consumption, backed by stable labor market conditions and wage growth, and 2) demand, backed by public spending on infrastructure projects and fiscal stimulus. Downside risks include potential disruptions due to global trade policy adjustments and changes in monetary policies.

ASEAN Power Grid
At the ASEAN Ministers of Energy meeting in September, Thailand, Laos, and Malaysia plan on signing a tripartite electricity-trading agreement which could initiate the start of the ASEAN Power Grid. The agreement covers the sale of 100 megawatts of electricity generated in Laos and transferred to Malaysia using Thailand’s transmission system. The planned ASEAN Power Grid will be a secure, reliable integrated electricity infrastructure that will help stimulate regional economic growth and development.

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Important Amendment to Thailand’s Anti-Corruption Act

Amendment 3 of Thailand’s Anti-Corruption Act, the Organic Act on Counter Corruption B.E. 2542 (1999) (the Act), came into effect on July 10, 2015. The amendment was influenced by the U.K. Anti-Bribery Act and by the U.S. Foreign Corrupt Practices Act (FCPA) and its enforcement agencies. Under the Act, Thailand now complies with international standards for anti-corruption. The amended Act covers offenses and punishments relating to bribery amongst state officials in Thailand, foreign countries, and officials from international organizations. The National Anti-Corruption Commission can now investigate and file suits in Thailand and in foreign courts against Thai and foreign state officials, individuals in the private sector, and international organizations. A major objective of the amended Act is to compel Thai companies to draft and implement anti- corruption policies that will help prevent corrupt practices before they can happen.

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New Process for BOI Visa Transfer at the One Stop Service Center

Thailand Immigration Alert – New Process for BOI visa transfer at the Once Stop Service Center and visa renewal problems at Chaengwattana

Effective February 14, 2017, the process for the visa transfer from an old passport to a new passport has now changed for Board of Investment (BOI) sponsored visa holders who use the One Stop Service Center (OSSC). This change affects those who have only been granted a visa until the expiration date of their old passport, even though they are entitled to a longer visa validity period as per their BOI approval letter. Under the change, the BOI will no longer automatically enter the full visa validity period into the new passport. Instead, the visa holder will need to follow a two-part process:

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Dej-Udom & Associates Newsletter – February 2016

The Dej-Udom & Associates Newsletter for February 2016

ASEAN Economic Community News

Sunnylands Declaration
In February, leaders of the ten ASEAN nations and the President of the United States met for the first US-ASEAN Leaders Summit – the first ever held in the US and the first since the establishment of the ASEAN Economic Community. At the conclusion of the Special Leaders Summit, a joint US-ASEAN statement, the Sunnylands Declaration, was signed. The 17-paragraph Sunnylands Declaration lists the key principles that will guide US-ASEAN cooperation going forward and is meant to provide the most comprehensive framework for strategic and security cooperation between ASEAN and the US thus far.

Top Digital Economy
In a recent report, a global management consulting firm and a leading Asian telecommunications company maintain that the ASEAN region has the potential to become one of the world’s top five digital economies by 2025. The authors believe that the region is set to be at the forefront of the coming digital revolution and that many fundamentals for the growth are already in place. A robust digital economy could add US$1 trillion to the ASEAN GDP over the next 10 years.

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Dej-Udom & Associates Business and Legal Update – November 2013

COUNTDOWN 2015 – ASEAN Economic Community || Missing the Chance for Profit Potential – A recent market study showed that top ASEAN countries are missing their profit potential because they are locked in a price war. Profits for companies in Singapore, Malaysia, Indonesia, Thailand, and the Philippines would rise if companies made small increases in […]

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