รัฐบาลไทย-ข่าวทำเนียบรัฐบาล-Remarks for H.E. Srettha Thavisin, Prime Minister of Thailand
วันพฤหัสบดีที่ 21 กันยายน 2566
21/09/2566
Remarks for H.E. Srettha Thavisin, Prime Minister of Thailand
at the Gala Dinner Hosted in His Honor by the U.S.-ASEAN Business Council (USABC) and the U.S. Chamber of Commerce (USCC) on Wednesday 20 September 2023, 19.30 - 21.00 hrs. at the St. Regis New York
Ambassador Ted Osius, President and CEO of the
U.S.-ASEAN Business Council,
Ladies and Gentlemen,
Sawasdee Krub. A very good evening to you all.
At the outset, allow me to express my sincere thanks for your kind words -- Ambassador Osius -- and to USABC for hosting this dinner, which I consider as the highlight of this first overseas visit in my capacity as the Prime Minister of Thailand.
I am also delighted to meet so many prominent business leaders. Your presence here reflects the immense interest and importance that American business community accords to Thailand.
I am here on a specific mission, accompanied by Thai businesspeople who have traveled from Thailand to meet with their American counterparts. I hope that tonight’s event serves as a platform for networking and forging new partnerships that further connect our two countries and economies.
Ladies and Gentlemen,
Having spent memorable years in the U.S. as a student and firstly entering the business world at an American company based in Thailand, I can see that Thailand and the U.S. are natural and mutually-beneficial partners. Most notable are the ties among our business communities which have grown from strength to strength.
From my point of view, “Trade flies the flag” echoes in the essence of Thai-U.S. relations since the inception. Thailand became the first treaty partner of the United States in Asia with the signing of Treaty of Amity and Commerce in 1833, reinforced by Treaty of Amity and Economic Relations in 1966, establishing a special economic relationship unique to our countries. Today, as we celebrate the 190th anniversary of Thai-U.S. diplomatic relations, the deep economic ties that bind us together remain robust, and will continue to thrive -- as our 1833 Treaty says -- “as long as heaven and earth shall endure”.
Our bilateral trade rebounded robustly regardless of the global pandemic, exceeding 65 billion dollars last year, with the U.S. reclaiming its position as Thailand’s second largest trading partner for the first time in 15 years. This resurgence clearly underscores our existing strong and resilient supply chain connectivity.
On the investment front, we enjoyed over 1.1 billion dollars investments from the U.S. last year. The U.S. now ranks No. 3 on Thailand’s investment billboard. Simultaneously, Thai investments in the U.S. are on the rise, reaching a promising total of about 13 billion dollars so far.
I am confident that our partnership has much potential to grow. My government’s top priority is to
re-ignite Thailand’s competitiveness and position as a leading investment destination, an engine of growth for the region, and as a place where people can equally enjoy a quality livelihood. Allow me to highlight my key policies and the vast opportunities for the U.S. companies.
First and foremost is to shift the economy into a high gear. The progressive stimulus package to create the big wave will include the 10,000-baht (285 dollars) Digital Wallet Scheme. This will inject around 16 billion dollars cash flow into our economy through high-security blockchain system.
In the short-term, we anticipate a ripple effect of around 57 billion dollars, which will leap our GDP growth to 5% next year. In the long-run, the policy would lay the foundation for a nationwide blockchain-based financial payment system, with rigorous financial discipline and streamlined foreign investment processes.
This upcoming economic impetus to drive Thailand’s value chains will present vast opportunities for the U.S. businesses. I encourage the American companies to support Thailand’s digitization efforts, particularly on the internet of things (IoT), cloud technology, data center, and artificial intelligence (AI).
Second, rising consumption must come with rising responsibility. Like the U.S., our government is fully committed to pursuing sustainable and inclusive path for growth through revving up our green economy and energy transition while doubling our efforts to achieve carbon neutrality by 2050 and net-zero emissions by 2065.
As Thailand aspires to be a leading clean energy producer in the region with clean energy proportion target of 50% by 2050, we need more support from the U.S. in terms of investment and expertise in the areas of renewable energy, hydrogen technology, battery storage solutions, the carbon capture, utilization, and storage (CCUS), and sustainability finance. To this end, we plan to issue a large amount of sovereign sustainability-linked bond (SLBs), and would welcome U.S. investors to participate as part of our efforts to realizing ESG and climate commitments.
Third is to rebuild an “Innovative, Inclusive and Integrated (3Is) Thailand” for our future generations. We are determined to ensure that our nation can innovate with knowledge and creativity, businesses and people from all walks of life can enjoy inclusivity from an open society and good governance, and the whole-of-government and whole-of-society are integrated to ensure Thailand is on par with global competitiveness in the long-run.
On trade, to open up new market opportunities for businesses and reinforce our position as an integral partner for your global supply chains, we will speed up FTA negotiations with key economies and actively participate in innovative integration at bilateral and multilateral fora.
We hosted the Bangkok Negotiating Round of the Indo-Pacific Economic Framework (IPEF) just last week. While IPEF is not an FTA, it is an innovative platform of cooperation among regional trading partners, covering about 60% of the world’s populations and representing about 40% of the global GDP. I hope to work closely with you all to concretize our mutual benefits across the 4 pillars of IPEF, especially on clean energy & decarbonization and supply chain resilience.
On business front, this government seeks to build the new engine of inclusive growth driven by innovation and creativity. Future-proof industries such as the digital economy; cutting-edge technology and smart electronics, particularly the upstream semiconductor; aerospace and defense; advanced agriculture and biotechnology; as well as climate-resilient solutions, will be fully promoted and supported. Specifically, we also aim at becoming a global EV hub, and has so far enhanced several policies and incentives to support EV manufacturers and relevant ecosystem.
On the ease of doing business, my government is fully committed to creating a more conducive investment climate. Please rest assured that “what should have been done -- I will get it done”.
While some efforts have already been made to address your concerns, for example the Long-Term Resident (LTR), the 10-year stays visa that offers several privileges such as relaxed reporting regulations and favorable tax measures for expats and skilled professionals; we will put more efforts on advancing a comprehensive regulatory guillotine, digitization of government services, and a more streamlined process and attractive package for foreign investments under Thailand’s Board of Investment (BOI) and the Eastern Economic Corridor (EEC).
Currently, a wide range of tailored incentive packages have already been put in place under the EEC, including the recent approval of 24/7 entertainment venues in EEC Airport City. My plan is to expand these incentives to cover our New Business Zones (NBZs) to be developed nationwide, supported by large-scale infrastructure project. As a result, businesses could reap benefits from greater connectivity, while the Government can ensure social and economic inclusiveness to grassroot and vulnerable groups across the region, truly leaving no one behind.
Looking to the future, we are not only drawing on our economic strength but that of the entire ASEAN region. The ASEAN economies are among the fastest growing and collectively we are the world’s fifth largest economy. Thailand, by virtue of our geography, is well-placed for trade and investment within the ASEAN region.
Ladies and Gentlemen,
My message today is simple: “Now is the time for you to do more business in Thailand”. As a newly elected democratic government with a fresh mandate from the people, I wish to reaffirm our commitment to the betterment of Thai society, including the business community in Thailand. My government stands ready to listen to your thoughts -- individually and collectively, to understand your concerns so that we can find solutions to pursue new partnerships.
Let me reiterate that Thailand is more than open and ready to be a trusted and reliable partner for your secured, diverse, and resilient supply chain. Please join us in turning the vision into reality.
Allow me to stress that the Thai-U.S. ties are special, underpinned by 190th anniversary of diplomatic relations and even more than 200 years of ties between our peoples. The forward-looking motion lives on in the Thai-U.S. strategic partnership. I am committed to carrying forward that great moment for the mutual benefit of our countries and peoples, including the businesses and private sector.
To this end, I count on your support as key agents of change, to leverage our mutual strengths and drive our future towards the second century of an even closer and comprehensive alliance and strategic partnership.
I hope to see you all again in Thailand later this year.
Thank you and Sawasdee Krub.