Economy and Investment

US Investors Affirm Thailand’s Great Economic Potential

by Duangkamol Buranasomphop

A group of US business people has affirmed that Thailand has great potential in this region and that they wanted to play a part in strengthening the Thai economy.

Speaking in his weekly national address, Prime Minister General Prayut Chan-o-cha stated that he had recently welcomed more than 70 members of the US-ASEAN Business Council, who were from 29 leading US companies.

The US business people showed their readiness to expand their investments in Thailand and their support for Thailand’s reform efforts. General Prayut said that foreign investors wanted to see political stability and the Government’s policy on investment and trade promotion, as well as anti-corruption measures. They also wanted the Government to create investor confidence and facilitate their business operations.

In this regard, he said, the Government and the National Council for Peace and Order have put in place related laws and measures, such as the Facilitation of Official Permission Granting Act, the one-stop-service center, the Integrity Pact, and the CoST system, which focuses on ensuring efficient, comprehensive, and integrated government services.

The Prime Minister said that Thailand is accelerating connectivity with neighboring countries and the world by developing infrastructure in various areas. He pointed out that Thailand has many unique advantages. For instance, as the country is situated in the center of ASEAN, its economic activities will benefit this region, especially when the ASEAN Community is in place at the end of the year.

He told the business people that the Thai government has a policy to promote exports. It has set up special economic zones to stimulate trade and investment, linking with neighboring countries. The Government also offers tax incentives to promote the establishment of international headquarters and international trading centers in Thailand. This will pave the way for Thailand to become a trade, financial, and investment center in this part of the world.

The Prime Minister said that the Government was ready to promote US business in Thailand in the form of public-private partnership and that Thailand has good potential for many sectors, such as agriculture, services, tourism, public health, and jewelry. He said that the Government wanted Thailand’s digital economy to take shape soon. Toward this aim, it has improved information and communication technology infrastructure. Thailand's fourth-generation (4G) spectrum auction will be held later this year.

Various laws and regulations are also being amended to reduce trade and investment obstacles and facilitate the mobility of products, labor, and investment.



Duangkamol Buranasomphop

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