Prime Minister Srettha Thavisin underlined the importance of reinforcing and expanding commercial relations with the United States, recognizing nearly two centuries of diplomatic engagement. He was addressing the audience following a one-on-one interaction with US President Joe Biden at a celebratory feast managed by the US-Asean Business Council (USABC) and the US Chamber of Commerce (USCC).
The esteemed Thai delegation, commanded by Mr. Srettha, is partaking in the 78th Session of the United Nations General Assembly (UNGA78) in New York scheduled to conclude this week. Doubling as the finance minister, Mr. Srettha professed Mr. Biden’s encouraging words on his recent assumption to prime ministerial duties and reassured the president about Thailand’s continued allegiance as a reliable trading associate.
Both parties anticipate arranging trade dialogues during a meeting of Asia-Pacific Economic Cooperation (Apec) leaders, planned in San Francisco in November. Mr. Srettha exchanged pleasantries with other international front-runners, including his counterpart from Estonia, globally acclaimed for pioneering e-government systems.
To modernize Thailand’s civil administration system, streamline operations, and impede malfeasance, he requested Estonia’s professional counsel on e-governance. Deputy Foreign Affairs Minister Jakkapong Sangmanee underlined the pivotal agenda of Sustainable Development Goals (SDGs) at UNGA78, discussing strategies to surmount challenges and achieve the targets outlined for 2030.
“Future initiatives will prioritize assuring clean air for Thai citizens and achieving zero emissions. This matter holds significant relevance for the Thai government,” affirmed Mr. Jakkapong. He stated the Foreign Affairs Ministry’s continual efforts to establish business matchmaking ventures, aligning Thai commercial entities with foreign firms to invest in the growing trend of green businesses.
The government-appointed spokesperson, Chai Wacharonke, summarized Mr. Srettha’s address at the festive banquet. The PM highlighted the significance of interacting with distinguished corporate leaders, indicating their vital role and commitment towards Thailand. He expressed his hope for the event to foster networking and forming fresh alliances to strengthen the bond between the two nations and their economies.
Thailand and the US are perceived as naturally compatible trading partners, encouraged by the steadily growing shared business interests. Bilateral commerce bounced back impressively post-pandemic, surpassing US$65 billion the previous year, with the US resurfacing as Thailand’s primary trading associate after a 15-year gap. The revival emphasizes the resilient, intertwined supply chain network benefitting both countries.
In terms of investment, Thailand greeted US investors with over $1.1 billion last annum, marking the US as the third top investor in the country. Concurrently, Thai investment in the US is expanding, peaking at approximately $13 billion to date.
Mr. Srettha highlighted his government’s main agenda, to rekindle Thailand’s competitiveness, reconstructing it as a principal investment hotspot, and a regional economic powerhouse. The government is vowing to create an amicable investment environment, exerting additional efforts to promote regulatory reforms, digitalize government services, and simplify processes for foreign investment.
Emphasizing the timing for United States businesses to extend their activities in Thailand, the PM confidently proposed, “Now is the time for you to do more business in Thailand.” Subsequently, in a social media post, he exclaimed his confidence as a former entrepreneur in their economic policies with well-defined objectives will fuel growth and create an opportunity for businesses in Thailand, Asean, and globally.
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