U.S. supports Thai BCG economy

The U.S. supports Thailand’s moves to create a bio-circular-green (BCG) economy and more American automakers are interested in using the Kingdom as a production base for electric vehicles (EVs), according to the U.S. Embassy in Bangkok.

Michael Heath, Charge d’ Affaires of the U.S. Embassy in Thailand expressed America’s support during a meeting with Minister of Commerce Jurin Laksanawisit. The pair discussed trade and investment between the two oldest partners and Thailand’s role in hosting the Asia Pacific Economic Cooperation (APEC) in 2022.

Heath’s comments came just a week after Ford announced it would be investing $900 million in its auto production facilities in Thailand to modernize them and gear up for the transition to EVs. Electric and advanced vehicles are a priority investment sector for Thailand.

Jurin said that the other major American automakers interested in upping their investments in Thailand are General Motors and Chrysler, as conveyed by Heath.

The Minister also added that the U.S. government thanked Thailand for its development and protection of online intellectual property. The Kingdom has been cooperating on this front with the Office of the U.S. Trade Representative (USTR).

Thailand is making BCG economic development a main agenda item when being the APEC Chair next year. The meeting will take place in March in Bangkok with some leaders attending virtually because of the pandemic.

The Board of Investment (BoI) has approved nearly 3,000 BCG projects since 2015, with renewable energy projects leading all others and accounting for over 40 percent of all BCG investment.

Photo courtesy of: https://thainews.prd.go.th/en/news/detail/TCATG210730030541069