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Thaksin Tells U.S. Companies: Thailand is Open for Business
Thai Prime Minister Thaksin Shinawatra Holds Dialogue with U.S. Business Leaders
(Washington, DC) Thailand's Prime Minister Dr. Thaksin Shinawatra met today with American business leaders to discuss his vision for the Thai economy and to identify priority areas for new economic activity, particularly investment. "We received a very strong and clear message," said US-ASEAN Business Council President Ernest Bower. "Thailand is open for business." The Prime Minister's comments put to rest any lingering misunderstandings about whether he welcomed foreign investment. The event was organized by the US-ASEAN Business Council, in cooperation with the US-Thailand Business Council and the Asia Society.
The Prime Minister and his economic cabinet members met with U.S. business leaders and
identified key areas of mutual interest to enhance trade and investment relations between
the two countries. The joint effort is designed to focus resources on key opportunity
areas to assist in the economic recovery in Thailand. The two countries already enjoy a
very close economic relationship. The United States is a major investor in Thailand with
an estimated US$18 billion worth of investments in the country, and U.S. investment in
Thailand has increased 300% since 1990. Additionally, Thailand is a major market for the
U.S., with U.S. exports expanding 120% percent from 1990 to 2000. The U.S. is Thailand's
top export market, buying about 20% of all Thai exports.
During the dialogue with the Prime Minister, U.S. business leaders underlined priority
areas where Thailand may have a competitive advantage. These included Thailand's potential
as a manufacturing and regional hub, its strength in the energy sector, potential in value
added agriculture, telecommunications and financial services. These areas can unlock
tremendous economic momentum in Thailand. The discussion explored steps that could be
taken to maximize the wealth and job creation potential of these sectors, including the
implementation of the ASEAN Free Trade Area (AFTA), further streamlining customs
procedures, enhancing electric power and information technology infrastructure and
regulations, and attracting investment and technology in the financial services and
insurance sectors.
"We are encouraged by a number of proposals Thailand is considering which, if
implemented, would send very positive signals to foreign investors," said Chuck
Williamson, Chairman and CEO of Unocal Corporation. Unocal Corporation chairs the
Council's US-Thailand Business Committee. Williamson cited proposed incentives for foreign
companies to locate their regional headquarters in Thailand, including a tax cut approved
by the cabinet on December 11, consideration of participation by foreign investors in
servicing non-performing loans held by the Thailand Asset Management Company, and
Thailand's commitment to AFTA. "Thailand can cement its economic recovery and build a
foundation for sustainable economic growth by implementing these measures," he added.
Council President Ernest Bower added that "We are committed to working with the Thai
government and private sector to address those areas that hinder trade, investment, and
economic recovery. We know that it serves no purpose to simply point out problems without
also offering constructive, realistic suggestions and recommendations, and that is where
the companies here today are willing to 'put their money where their mouth is.' They have
been leaders in terms of providing training and technical assistance in areas of mutual
concern, and we look forward to working with the Thai government and private sector to
make a real difference to our businesses."
Today's roundtable discussion builds on a mission that the US-ASEAN Business Council
organized to Thailand in early October of this year. During that mission, member companies
of the Council discussed these and other issues with the Prime Minister and cabinet
ministers. (see highlights from this mission at www.us-asean.org/thailand.asp).
According to data from the Thailand Board of Investment, U.S. investment in Thailand
supports nearly a quarter of a million high paying jobs for Thai workers. A limited survey
of US-ASEAN Business Council members indicated that U.S. companies make important
contributions in terms of developing the management capabilities and technical skills of
Thai employees, and offer many programs to promote the development of and well-being in
the communities in which they operate. The companies surveyed said that their operations
in Thailand are supported by an average of more than 400 Thai companies, indicating the
significant benefits to the local economy resulting from foreign investment.
"The U.S. has a special relationship with Thailand," said Bower. "Our trade
and investment ties go back much further than those with any other ASEAN member, and our
cooperation in the economic and business area will create jobs, enhance productivity,
promote economic recovery, and provide education and better standards of living for
workers and families."
Highlights of the US-ASEAN Business Council's business roundtable discussion are available
on the US-ASEAN Business Council web site at www.us-asean.org/Thailand/thaksinvisit01/.
The US-ASEAN Business Council is America’s leading private, non-profit business organization dedicated to promoting increased trade and investment between the United States and the member nations of ASEAN. For information on the US-ASEAN Business Council or general information on the ASEAN region, please contact John Goyer at jgoyer@usasean.org or visit the Council’s Web site at www.us-asean.org.
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