U.S. Businesses strengthen ties with Thailand

U.S. businesses reaffirmed their confidence to continue investment in Thailand. Viewing Thailand still has great potentials, they expressed their readiness in contributing to the country’s economic reinforcement, as well as expanding investment in the country. The U.S. businessmen appreciated the Thai Government for its policies to support and facilitate foreign investors, and reaffirmed that they would take active part in promoting cooperation in trade and investment between Thailand and the U.S.

On August 6-7, 2015, U.S. executives led by Alexander Feldman, Chairman and CEO of the U.S. – ASEAN Business Council (USABC), paid a two-day-visit to Thailand and ้had courtesy calls on Thai Prime Minister, Deputy Prime Ministers, Ministers, and high level officials of the country’s economic agencies. The meetings reassured to continue their dialogues and strengthen business relationships with Thailand.

The Business Mission commended Thai Government’s undertakings in various aspects such as national reform, restructure of taxes, customs reform, and facilitations in trade and investment, and insisted that USABC be part of Thailand’s economic development. He also expressed his view that the country still had potential growth and opportunity.

In each meeting, various ministries laid out their policies and updated the progress on related rules and regulations, as well as law amendments in order to facilitate more trade and investment.

The 21st round of petroleum exploration and production in Thailand will be opened for international investors for bidding, both concession and Production Sharing Contract (PSC).  The bidding for national broadband gets full support from the Thai Government and will be as scheduled. Thai Cabinet approved the draft Excise Tax Code that combines all seven excise tax related laws into one excise tax code in an attempt to improve the efficiency of the excise tax collection system. Digital Economy Policy will be a major upgrade Thailand through digital infrastructure and innovation such as data center, data broad brand, smart city, and cyber security.

U.S. businesses were pleased with the fruitful discussion and openness of the Thai Government to their requests and comments. They also expressed their supports to Thai Government for its hard efforts to solve the political situation, corruption problems, and upgrade laws in order to create a better trade and investment environment.

USABC Business Mission to Thailand is an annual activity. This year, there were over 70 executives from 29 leading U.S. firms in the fields of ICT, energy, finance, logistics, automotive, construction, chemical products, medicine and medical supplies, tobacco, and alcohol drinks. Major companies such as Chevron, Ford, AIG, Guardian Industry, Caterpillar, DOW Chemical, ConocoPhillips, Citi, Visa, Master Card, CISCO, Microsoft, Qualcom, Seagate, P&G, Time Warner, UPS, Mead Johnson, Eli Lilly, Philip Morris, Monsanto, etc.

The Business Mission met with Prime Minister Prayuth Chan-o-cha, Deputy Prime Minister Pridiyathorn Devakula, Deputy Prime Minister Thanasak Patimaprakorn, Minister of ICT Pornchai Rujiprapa, Minister of Industry Chakramon Phasukavanich, Deputy Minister of Finance Wisudhi Srisuphan, Deputy Minister of Commerce Apiradee Thanthraporn, Deputy Minister of Energy Plaipol Khumsap, Advisor to Minister of Public Health Dr. Siriwat Tiptaradol, Governor of the Bank of Thailand Prasan Trairatvorakul.

The visit ended with a reception hosted by the Ministry of Foreign Affairs.

Gist of the meeting with the Prime Minister of Thailand, please click here

Panalee Choosri