US ready to invest more in Thailand

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The United States is interested in investing more in Thailand via several business projects, particularly those related to the digital economy, a Government House meeting was told yesterday.

Prime Minister Prayut Chan-o-cha met representatives of 34 US firms from the US-Asean Business Council — the leading advocacy organisation for US businesses working in Southeast Asia.

Representatives of 34 renowned US companies attended the meeting, including Ford, Microsoft, Google, Coca-Cola and Chevron.

Speaking after the meeting yesterday, government spokesman Yongyuth Mayalarp said US investors expressed most interest in projects involving digital economy development pushed by the government.

The investors also met executives of the Information and Communication Technology Ministry to hear about government policy concerning the development.

In addition, Dr Yongyuth said investors are interested in energy and medical projects, as well as infrastructure projects, such as airport, bridge and deep-sea port construction.

Meanwhile, the prime minister asked US investors to inject more money into Thailand’s financial and property sectors.

Gen Prayut said the government is ready to support the US and other foreign investors in Thailand and protect their interests.

However, the government would make it clear to foreign investors that it was necessary to amend some rules and regulations concerning investments and international trade.

Some of the amended legislation must be forwarded to the National Legislative Assembly for endorsement, and some can be modified at the ministerial level, he said.

Business operators understand what the government is doing now and they are ready to ramp up their investments in Thailand, Gen Prayut said.

The government has laid out long-term foundations for investors to ensure their business interests are sustainable.

However, this support will be of equal benefit to Thailand and foreign investors.

Several regulations have been amended so far, including those concerning the Board of Investment, the premier said.

All ministries have been instructed to help boost research and development and enhance labour skills to comply with the education reform policy, he added.

Accountability is an essential part of all future investment, he said, affirming that the government has taken serious steps to eliminate graft since the May 22 military takeover.

Maj Gen Weerachon Sukontapatipak, a member of the government spokesman team, said the premier had drawn attention to a policy focusing on clean energy as well as one on investment as a means to create jobs for Thais, support domestic product use and facilitate small- and medium-sized enterprises.

The premier invited US business operators to jointly invest in the five special economic zones, he said.

Meanwhile, South Korean ambassador to Thailand Jeon Jae Man met Deputy Transport Minister Arkhom Termpittayapaisith yesterday to discuss Thailand’s standard-gauge dual-track railway project plans.

South Korea is interested in investing in the multi-billion baht rail scheme, Transport Minister Prajin Juntong said.

 

 

 

Source : Bangkok Post | November 4, 2014

Thomas D’Innocenzi

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About thomasdinnocenzi

Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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