BANGKOK: US business representatives and investors from all industry sectors have continued to expand their investments in Thailand, Prime Minister and Interior Minister Anutin Charnvirakul said after talks at Government House on Thursday (Nov 5).
The meeting brought together Anutin, Brian McFeeters, president and chief executive of the US-Asean Business Council (USABC), and a delegation from the council’s member companies.
Anutin cited new manufacturing bases, the expansion of existing operations and investment in Thailand’s capital market.
The prime minister said representatives across all sectors were united in affirming their confidence in Thailand’s stability, readiness and potential.
Anutin described that shared confidence as a promising economic opportunity for the country in the period ahead.
US businesses asked the government to consider revising laws and regulations that are outdated or no longer suited to current conditions. The aim was to reduce barriers and make it easier to do business and carry out transactions.
Speaking about efforts to reassure automotive and data centre investors in Thailand, Anutin said the government was ready to support investment in major technology businesses and the automotive industry, which produces vehicles on a large scale and employs many Thai workers.
In promoting data centres and artificial intelligence (AI), the government is focusing on providing stability for investment.
That approach goes hand in hand with balanced and fair energy management.
The government must ensure that data centres’ use of domestically produced electricity and other energy does not undermine energy security or place a burden on the public.
Anutin described the US as a key and enduring economic partner for Thailand.
The government was ready to work closely with the private sector, consider the recommendations from the talks and pursue concrete results.
Relevant ministries and agencies would be tasked with ongoing follow-up on the issues raised, co-ordinating through the USABC and the Thailand Board of Investment (BOI) to support investment and expansion by US companies in Thailand.
Anutin said this would benefit both economies.
US Ambassador to Thailand Sean O’Neill and McFeeters highlighted more than 200 years of ties between the two countries.
The council brought representatives of leading US companies across a range of industries to Thailand to strengthen co-operation.
The group included manufacturers, investors and businesses already operating in the country.
US businesses saw value in continuing talks with the Thai government.
The council also backed negotiations on the proposed Agreement on Reciprocal Trade between Thailand and the US.
It presented business plans, private-sector priorities and recommendations for strengthening the economic partnership.
Representatives from seven business groups shared their views and proposals and outlined where they could offer support.
1. Automotive: The group reaffirmed its commitment to investing in Thailand and using the country as a global base for vehicle production and exports. It was also ready to upgrade plants to produce both combustion-engine and electric vehicles. The group asked the government to promote investment, develop local parts manufacturers, revise excise taxes and accelerate negotiations on free trade agreements.
2. Consumer goods: Representatives praised Thailand’s enforcement of intellectual property laws and its efforts to combat counterfeit goods. They also backed efforts to eliminate malaria by 2030 through co-operation on technology and products that help prevent the disease.
3. Transport, logistics and energy: The group was ready to support the development of Thailand’s transport and logistics systems. It proposed increasing capacity for cargo flights and developing the aviation and defence industries.
4. Digital economy and innovation: Representatives reaffirmed their commitment to investing in Thailand and supporting its transition to a digital economy. Areas of focus included AI, digital infrastructure, satellite internet and technology for public safety.
5. Manufacturing, food and agriculture: The group backed the development of manufacturing and agri-food industries. It proposed managing energy costs, improving the security of food and animal feed supply chains, and expanding trade opportunities through free trade agreements. The group also called for promoting technology, developing workforce skills and encouraging innovation in advanced manufacturing.
6. Tourism and financial services: The group supported Thailand’s high-value tourism strategy. It proposed improving international air links, making visits more convenient for tourists, promoting secondary cities, upgrading digital payment systems and revising regulations to make it easier to do business and invest.
7. Public health and life sciences: Representatives backed Thailand’s efforts to become a regional medical hub. They supported co-operation to promote health, prevent disease, widen access to vaccines for adults, meet the needs of an ageing population and improve maternal and child health. The aim was to improve quality of life and strengthen Thailand’s public health system. - The Nation/ANN
