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Home Business & Finance Thailand urges US to invest in the EEC, provide economic packages for venturers

Thailand urges US to invest in the EEC, provide economic packages for venturers

by Kenneth Basilio
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Thailand urges US to invest in the EEC, provide economic packages for venturers
Photo: The Nation

Thailand’s Deputy Prime Minister, Somkid Jatursripitak, paid a courtesy call to US Ambassador, Michael George DeSombre, on Thursday to discuss the prospect of developing economic relations between the two countries.

Deputy Prime Minister Jatursripitak urged US investors to invest in technological companies in the Eastern Economic Corridor (EEC), to develop a Silicon Valley-like center in the region.

The deputy PM said:

“I also told the US ambassador the countries should develop a Silicon Valley-like center that is home to many startups and global technology companies within the EEC, including establishing universities, startups and high-tech companies, and a research and development center.”

The Thai official added that the country is experiencing a boost in foreign investments as Thailand is situated in a position beneficial to US investments and an active supply chain development in Southeast Asia.

Thailand urges US to invest in the EEC, provide economic packages for venturers 1
Photo: Government House

“Thailand, given its geographical location, can create a perfect linkage to various markets such as Hong Kong and China, while the Regional Comprehensive Economic Partnership [RCEP], which is expected to be settled this year, will make this region more attractive.”

The RCEP is a proposed free trade agreement among the ten member states of ASEAN and six country partners: China, Japan, South Korea, India, Australia, and New Zealand.

Mr. Jatursripitak said to the ambassador that the country has a similar standing to Singapore’s capital market. He also added that the Thai stock exchange has various connections to China and Hong Kong’s market.

To assure prospective US investors, the deputy PM said that Thailand could devise a special economic package for US firms that choose to break ground in the EEC.

Thailand had recorded a trade surplus of USD$14 billion (435 billion baht) with the US last year.

Source: Bangkok Post