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Bower made the case that Thailand can benefit this year from its chairmanship of the Asia Pacific Economic Cooperation (APEC) forum, which will culminate in a Summit of heads of state, ministers and chief executive officers from 22 countries in Bangkok in mid-October. "The spotlight is on Thailand this year, as corporate leaders weigh business opportunities, look for success stories, and decide whether to visit Thailand this fall. Thailand should seize this window of opportunity."

Thailand can benefit by underlining its advantages and implementing key reforms this year because strategic investors are looking to improve the return on investment they have made in Southeast Asia and relate that to their newer and still smaller bets in China. Thailand, together with its ASEAN partners, is home to over US$50 billion in direct investment by U.S. companies, more than five times that invested in China.

"Thailand and ASEAN must take advantage of this competitive edge in their relationship with China." Bower said. He noted that in recent years China has attracted the bulk of new foreign investment flows into developing East Asia. "As they negotiate the ASEAN - China free trade agreement (FTA), Thailand and its neighbors in ASEAN should ensure that current and new investors and local companies are strongly supported with good infrastructure, strong corporate governance, and strictly enforced rule of law. If this is the case, U.S. investors will build their investment positions in ASEAN to take advantage of the combined ASEAN and China market."

The Council's leader pointed out that Thailand will receive special attention from U.S. companies this year, as President Bush hopes to visit in October for the APEC meetings, and Prime Minister Thaksin may make a State Visit to the U.S. Bower noted that several U.S. officials will visit the Kingdom during 2003 to prepare for the President's visit, and announced that his organization's US-Thailand Business Committee, chaired by Unocal Corporation, would organize a senior level US investment mission from July 15-18, 2003. He said the Council would host the annual U.S. Ambassadors Tour from June 1-11, 2003, which will include the participation of U.S. Ambassador to Thailand Darryl Johnson. Now in its second decade, the U.S. Ambassadors Tour is a major program designed to educate U.S. investors on opportunities and developments in Thailand and ASEAN.

He also said that the US-ASEAN Business Council would encourage both the Thai and U.S. governments to activate their Trade and Investment Framework Agreement (TIFA) this year and plan to announce the beginning of negotiations for a U.S.-Thailand Free Trade Agreement (FTA) during President Bush's visit in October.

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The US-ASEAN Business Council is America’s leading private business organization dedicated to promoting increased trade and investment between the United States and the member nations of ASEAN. The Council's membership includes approximately 150 of the Fortune 1000 American companies with trade and investment interests in the ASEAN region, and the council's members are represented in diverse industries, including aerospace, agribusiness, automobiles, computers and information technology, consumer goods, energy exploration and development, express delivery services, financial services, health care and pharmaceuticals, software, and telecommunications. For information on the US-ASEAN Business Council or general information on the ASEAN region, please contact Walter Lohman at wblohman@usasean.org or visit the Council's Web site at www.us-asean.org