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InfoQuest

Thai PM announces investment promotion policies to reassure private sector

September 27, 2019


Abstract : Thai Prime Minister's speech sends a sign that the government is well aware of the critical role of American enterprises in Thailand,and will resolutely continue its efforts to provide support and create an enabling business environment for foreigners investing in Thailand.

InfoQuest (September 26, 2019) - According to the Information Office of Chaeng Watthana Government Complex, Thai Prime Minister and Defense Minister Prayiut Chan-o-cha attended the dinner hosted by the US-ASEAN Business Council (USABC) and the US Chamber of Commerce (USCC) at JW Marriott Hotel at 6:30 p.m. on September 25 (local time).

In addition, the prime minister also delivered a speech entitled "Fostering Partnership for Common Prosperity" and on behalf of the Thai government, expressed his appreciation on the opportunity to hold regular talks with USABC.

This sends a sign that the government is well aware of the critical role of American enterprises in Thailand. According to Prayiut, the government will resolutely continue its efforts to provide support and create an enabling business environment for foreigners investing in Thailand.

Moreover, he also stressed Thailand's strengths in geographical location, resources and infrastructure. Ideally located at the center of Southeast Asia and ASEAN, this country is the gateway interconnecting ASEAN and other large sub-regional markets.

In order to strengthen Thailand's competitiveness, the Thai government has been consolidating its economic basis in the past five years, by, for example, investing in infrastructure construction; improving productivity and creating additional value through technology and innovation in target industries decided in accordance with the Thailand 4.0 Policy; implementing the Eastern Economic Corridor (EEC) project; introducing Thailand+1 policy; revising and perfecting Thailand's laws and regulations. Due to the global economic slowdown and escalating trade tension, Thailand's economic growth is expected to decelerate to 2.7-3.2 percent this year against last year's 4.1 percent.

Furthermore, the Thai government also attaches much importance to improving the public-private partnership model and has formulated twelve emergency policies.

To shore up the slowing economy, it puts forward to give priority to economic growth, strengthen Thailand's competitiveness, promote local and regional economic development, and develop industries with BCG concept; to stimulate investment, it will continue to encourage investment in emerging industries to sharpen the competitive edge of the country. Moreover, the Board of Investment (BOI) has designated this year as "Thailand Investment Year" and has issued particular preferential investment policies to promote investment in target industries.

Thailand, as ASEAN's rotating chair this year, aims at "Advancing Partnership for Sustainability" and is committed to strengthening cooperation, creating a stable environment, seeking a common development with countries within and beyond the region, and promoting sustainable development in all aspects.

In the coming months as ASEAN's rotating chair, Thailand will work to deliver desired results in RCEP negotiations, achieve connectivity in infrastructure and alignment in laws and regulations and promote the development of SMEs.

In the meantime, it will attach importance to strengthening the partnership under sub-regional cooperation frameworks, including strengthening cooperation under the framework of the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) and attracting ACMECS Development Partners which was responded first by the United States; the Indo-Pacific has the potential to drive global economic development with 44 percent of its area being natural resources, 65 percent of its population being both labor and consumer and a GDP accounting for 62 percent of the world's total.

Noting that the private sector has played an essential role in addressing a number of challenges and generating profits in the more and more open economic environment, the prime minister reiterated the determination of the government to attract new establishments and investments by creating a pro-business environment and introducing various regulations.

According to him, Thailand's years of development has made it the second largest economy in ASEAN and also cemented its lead in many fields. And over the course, Thailand has maintained close ties with the United States. So far, many American private enterprises have located their biggest production bases and offices for the Asia-Pacific in Thailand to offer customer service and support for the region. At the same time, there are more than 20 Thai enterprises in the United States with an increasingly expanding presence.

American private enterprises from the following seven industries attended the dinner: (1) Energy and infrastructure. (2) Manufacturing. (3) Tourism. (4) Grain and agriculture. (5) Financial services. (6) Information technology and communications. (7) Health care and bioscience. Chevron, Ford, Marriott International, Pepsi, AIG, Oracle, Johnson & Johnson, etc. were among them.

Source: InfoQuest, by Tanit Tongnok / Tanawat/ Rachada, translated by Xinhua Silk Road

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Keyword: foreign investment Thailand-U.S.

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