Ambassador pledges support for deeper two way investment between Thailand and U.S.
While U.S. investment in ASEAN countries is more than in Japan and China combine, a quarter of U.S. investment in ASEAN or around $ 50 billion is in Thailand. Big U.S. companies have been investing in Thailand for decades. Early this month, representatives from 29 leading US companies which invest in Thailand called on the Thai Prime Minister and his economic ministers.
Thai investors have recently discovered US to be a favorable investment destination too. Ambassador Pisan Manawapat has been urging Thai companies and investors to look at US market and invest substantially as it has been a consistent policy of the Federal as well as State governments to welcome foreign investment to promote jobs and growth in the USA.
On 24 August 2015, Ambassador Pisan Manawapat together with Mr. Songphol Sukchan, Thai Consul-General in Chicago, and Team Thailand from Office of Commerce in Washington D.C., Thai Trade Chicago, and BOI New York visited Thai Summit America Corporation, a 100% Thai own automobile parts manufacturing company in Howell, Michigan, which brought back employment and generated growth for the city. The delegation were welcome by Mrs. Somporn Juangroongruangkit, President of Thai Summit.
Thai Summit, a global company, provides world-class engineering, sheet metal stamping and assembly capabilities to customers in a range of industries, including alternative energy, medical equipment, and automobiles. The Howell plant provides high quality parts for Ford Mustangs and F-150 pickup trucks as well as for Jeep products and Freightliner trucks.
It has recently expanded their facility and add new equipments with accumulated amount of $200 million investment. Their building area is one million square feet with more than 700 employees in a small town of 6,000 inhabitants.
No wonder why the ambassador’s visit was joined by Congressman Michael Bichop (R-Michigan), City Mayor Nick Proctor, Michigan State Representative Hank Vaupel, and city officials. Dignitaries attended a tree planting that marked the official groundbreaking for a $52.4 million expansion project at Thai Summit America in Howell.
During the trip to Michigan, the Ambassador and his team also visited Ford Motors Dearborn and the Guardian Industry HQs in Michigan. The meetings were to follow up trade and investment issues and continue dialogue to support U.S. investors in Thailand. Ford and Guardian reaffirmed to continue their businesses and to expand their investment in Thailand. Ford has been investing in Thailand since 1995 and exports 80% in the region with more than 2 million automobile production per year.
Guardian industry has been investing in Thailand as production base since 1992 with almost 40% export of high quality glass to Asian region. Ron Vaupel, President and CEO of Guardian Industry welcome the Thai delegation and showed their world leading glass producing technology.
Thai Ambassador assures Thai investors in the U.S.and U.S. investors in Thailand his utmost support, The two-way investment will only strengthen further the mutually beneficial business ties between Thailand and U.S. and reinforce U.S. overall strategy towards ASEAN and Asia as a whole.