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 senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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