Remarks by
His Excellency Thaksin Shinawatra
Prime Minister of Thailand
At a Dinner hosted by The Honorable Dan Quayle
Former Vice President of the United States
Library of Congress, Washington, D.C.
13 December 2001


Mr. Vice President,
Excellencies,
Distinguished Guests,
Ladies and Gentlemen,

It is a great privilege for me to be here this evening within the stately walls of the Library of Congress and in the company of so many old friends of Thailand. I am most appreciative to you, Vice President Quayle, for kindly hosting this dinner in my honor. It is certainly a great pleasure to see you again after our excellent meeting and discussions in Bangkok last March.

This is my first visit to the United States since becoming Prime Minister in February of this year. However, the strong bonds of friendship between our two countries have always been uppermost in my mind. As Thailand and the U.S. are long-time friends and allies, I consider it important to visit Washington to meet and exchange views with U.S. leaders from both the government and business sectors. In so doing, I seek to assure our good friends that Thailand’s relationship with the U.S. will always be friendly and cooperative.

Our bilateral relations have matured over the years. They have become complex with many dimensions, and encompass all areas of cooperation—from political to military, from economics to trade, and from social to cultural. When all is said and done, a strong and strategic partnership with the U.S. remains one of the Thai Government’s major objectives.

Following the atrocious events of 11 September, my government and the people of Thailand feel great sympathy for and solidarity with the American public. We would like to express once again our heartfelt condolences for the loss of thousands of innocent lives. We condemn these outrageous terrorist acts in the strongest terms and fully support all the international community’s efforts in combating this terrible threat to global peace and security. At the same time, we are convinced that those responsible for the crimes will soon be brought to justice.

Excellencies,
Distinguished Guests,

As you know, the economic crisis in Asia has dragged us down for the past few years. Just as things were starting to get better, the global economy was suddenly disrupted again by the shocking terrorist attacks on the U.S. However, I would like to assure you today with some good news about our path to economic recovery.

Thailand is once again a place in which you can be confident. We are doing a lot to improve our economic structure. Since coming to office, my government has wasted no time in tackling the country’s economic problems at all levels of the economic structure. We have implemented a dual track policy that focuses on strengthening our domestic economy at the grassroots while remaining open to foreign investment and exports. This is my Administration’s main policy.

In terms of attracting foreign investment, we have created a 100-billion-baht Matching Fund whereby the Thai Government is prepared to co-invest up to 25 percent of the value of an investment project. The Fund will help match foreign investors with local partners for investment in productive projects. It will also promote a mutually beneficial investment partnership between the private sector and the Government. While the arrangement is aimed at demonstrating our full confidence in the success of such investment, the Government will play no role in the management of the project itself. I do hope the American business community will take full advantage of this favourable opportunity.

The recently-established Thai Asset Management Corporation (TAMC) has taken huge steps towards dealing with the problem of non-performing loans by taking NPLs out of the system so that the banks can start lending once again. While providing a centralized and efficient mechanism for management of the NPLs, the TAMC will also play a leading role in restructuring corporate finance and management.

In short, the Government has spared no effort to amend our rules and regulations to make them more investor-friendly. As good friends of Thailand, I hope you will not hesitate to tell me in a straightforward manner where our weaknesses lie and what steps the Government can take to deal with them.

In putting utmost effort to improve our capability and rise to a stronger economic and financial position, my Government is bringing about a more open, transparent, and effective trading and investment system, while simultaneously taking into account our national development objectives. It is in this way that our domestic policy supports foreign investment in Thailand as well.

Moreover, as the natural center of mainland Southeast Asia, Thailand is strategic. When you look at Thailand, you can see that we are the hub for the ten nations of ASEAN and the gateway to southern China.

Excellencies,
Distinguished Guests,

In these turbulent economic times, I am convinced that we must all join hands more closely to create greater prosperity and well-being for our peoples. Thus, while I am here to reaffirm our relations as a very old friend and ally, one of the objectives of my visit is also to explore new avenues for cooperation between Thailand and the United States.

Tomorrow our two countries will be signing a new Framework on Economic Cooperation, which sets guidelines and directions for our future economic endeavors in various fields of mutual interest. Such a framework will help enhance our dialogue on trade, investment, technology, transport, and many other issues.

I would like to emphasize that good cooperation should bring mutual benefit and, at the same time, further and strengthen our relations.

In short, I look to the future with a great deal of confidence in Thailand and in our partnership with the United States. I realize that I have come to Washington during a time of considerable challenge for both our countries. However, this is also a moment to recall the strength of our relationship, to remember how much we share, and to look ahead at the challenges we will face together in the future.

Excellencies,
Distinguished Guests,

I would now like to invite you to raise your glasses and join me in a toast to the close and long-lasting relations between Thailand and the United States of America as well as to the good health and success of our host, Vice President Dan Quayle.