In reference to news media reports that the Royal Thai Government is preparing a draft bill to amend the Foreign Business Act BE 2542 (“the FBA”), the American Chamber of Commerce in Thailand (AMCHAM), whose member companies have invested over U.S.$50 billion in Thailand, would like to highlight that it welcomes an opportunity to review and provide input to any proposed amendments to any local laws that may impact the foreign business community in Thailand as part of a thorough and transparent consultative process.
However, at a time when Thailand’s exports, tourism, and domestic economy are struggling, and when Thailand’s competitors in ASEAN and Asia are firmly set on a liberalizing track, any amendments that are protectionist or more restrictive in nature, as well as being retroactive in application, will only further damage foreign investor confidence, likely lead to a significant reduction in foreign private investment, and harm Thailand's regional competitiveness.
“We sincerely hope the Royal Thai Government will not rush to enact restrictive and damaging amendments that will adversely impact the Thai economy,” says Darren Buckley, President of AMCHAM’s Board of Governors.
AMCHAM believes that the current government, as repeatedly stated by the Prime Minister to the foreign community, is sincere in its commitment to support and encourage further foreign investment, and we stand ready to assist in amending current restrictive and outdated legislation and regulations for the benefit of Thailand and foreign investors alike.
Thank you to all Ordinary Members who exercised their right to vote in the Board Election. The voting was closed at AMCHAM's Annual General Meeting which was held on October 28. The following candidates were elected to serve two-year terms on the Board:
AMCHAM congratulates the newly-elected Board members.
The Corporate Social Responsibility Committee is pleased to announce the eighth annual AMCHAM CSR Excellence Recognition (ACE Recognition) program. This year we will be awarding our first Gold level recognition to companies who have received the ACE award for five consecutive years.
ACE Recognition identifies AMCHAM members’ CSR practices which demonstrate an understanding of the linkages between business operations and society, and conducting business in a way that creates long-term economic and social value.
For the third consecutive year, AMCHAM is partnering with the US Embassy to include the Creative Partnership (CP) Designation along with the ACE Recognition. The CP designation recognizes firms that have creative or innovative approaches to CSR and build US-Thai partnerships.
ACE Recognition applies an easy on-line application and automated scoring, and provides recognition for all firms, from SMEs to MNCs that achieve a baseline level of CSR performance.
Please note that the Award is not a competition, but requires companies to achieve a certain benchmark criteria on their CSR programs. Thus all member companies are eligible and there is no competition among members. This is also a great way to benchmark and look at ways to improve your current CSR program.
Click to view a list of the 2013 ACE recipients and a full report of last year's awards ceremony.
The 2014 ACE recepients will be announced on November 26 at the AMCHAM CSR Excellence Recognition Awards/November Monthly Luncheon.
U.S. companies in ASEAN expect investment expansion, workforce growth, and profit increases in 2015 according to the ASEAN Business Outlook Survey. The survey was designed and implemented by the U.S. Chamber of Commerce and the American Chambers of Commerce in ASEAN member countries and included 588 business executives representing small, medium, and large U.S. companies in all ten ASEAN countries.
Respondents in Thailand have a positive outlook on the current business climate with the majority not facing significant financing constraints nor seeing higher cost of borrowing. Business expansion remains high with 62% of the respondents saying they expect their companies in Thailand to expand, a dip since last year’s 75%, but the profit outlook remains strong with 82% expecting increased profits.
A list of new members and member updates can be viewed and downloaded for your records. Please update your records monthly!
On September 18, AMCHAM Myanmar celebrated the addition of its 100th member, Procter & Gamble Myanmar. This milestone event, which took place in Park Royal Hotel's new Club 5, was sponsored by CEA Project Logistics Myanmar and Park Royal Hotel Yangon. For more information and photos from the event click here.
The Thai-U.S. Creative Partnership was created to build on more than 175 years of successful political alliance between the United States and Thailand, by leveraging American strengths in support of Thailand’s creative industries. To learn more about the variety of activities that define this initiative, visit the Creative Partnership at www.creativepartnership.org
AMCHAM is making a targeted effort to extend its membership base and activities outside of Bangkok. If your company is located outside of Bangkok in one of the designated areas, you may be eligible for AMCHAM membership at reduced rates. Click Greater Thailand AMCHAM Membership Brochure or Join AMCHAM for more information, including eligibility requirements.
Intellectual property rights (IPR) encourage the innovation and creativity that is fundamental to sustained economic growth. Unfortunately, the growing global trade in pirated and counterfeit goods threatens innovation, workers' livelihoods, health, and safety. Fake products - such as CDs, DVDs, software, electronic equipment, clothing, pharmaceutical products, and auto parts - account for an estimated 5 to 7 percent of global trade. This trade costs legitimate rights holders around the world billions of dollars annually.
The Strategy Targeting Organized Piracy (STOP!) is a comprehensive program to stop trade in pirated and counterfeit goods. www.StopFakes.gov provides information about obtaining and enforcing intellectual property rights.