Deputy Prime Minister and Minister of Energy Outlines Priorities on Accelerating Foreign Direct Investment and Enhancing Thailand’s Competitiveness

Deputy Prime Minister and Minister of Energy Outlines Priorities on Accelerating Foreign Direct Investment and Enhancing Thailand’s Competitiveness

On April 27, 2022, H.E. Supattanapong Punmeechaow, the Deputy Prime Minister and Minister of Energy; M.L. Chayotid Kridakon, the Thai Trade Representative; and Natta Bhachaiyud, Director of Digital Government Promotion Directorate of the Office of the Public Sector Development Commission (OPDC); addressed members of the American Chamber of Commerce in Thailand (AMCHAM Thailand).

AMCHAM Vice President, Tibor Pandi of Citibank, delivered the opening remarks and expressed appreciation for the opportunity to learn about the government’s strategies to increase the ease of doing business and enhance Thailand’s competitiveness as a regional investment hub, as well as the government’s efforts to attract foreign direct investment to support post-pandemic recovery and sustainable economic growth.

During the meeting, the Deputy Prime Minister highlighted the long-standing partnership between Thailand and the US over the years. He spoke about key factors driving Thailand’s GDP and investment growth in 2022. He touched upon the BCG Economy Model, the 4D trends - Digitalization, Decarbonization, Decentralization, and Derisk, and four sectors of the New S-Curve industries which require foreign investments to bring in new technologies and talents, resulting in the development of the Long-Term Residence program (LTR). He further sought collaboration from AMCHAM on the Thailand Investment Roadshow in the US and input on making businesses in Thailand sustainable and successful.

M.L. Chayotid provided an overview on the New S-Curve opportunities to accelerate investor attraction in electronic vehicles, smart electronics, pharma, with the introduction of the LTR to assist foreign residents to live in Thailand long-term and facilitate skill transfer to the local workforce. The promotion of the New-S-Curve industries and implementation of the LTR will strengthen Thailand’s competitiveness advantage. In addition, Natta provided an update on the Ten for Ten initiatives which simplify and digitize the government’s processes, namely customs clearance, license applications, Board of Investment and Thai FDA applications, visa and work permit process to access skilled labor, and more.

Following the presentations, AMCHAM members engaged in an active question and answer session, with questions ranging from renewable energy to the LTR program to the creative economy. The Deputy Prime Minister and his colleagues provided thoughtful answers and expressed their desire for continued collaborations with foreign businesses in Thailand.

In her closing remarks, AMCHAM Executive Director Heidi Gallant, delivered AMCHAM’s sincerest appreciation to the Deputy Prime Minister for providing comprehensive and insightful information on the government’s activities, initiatives, and opportunities for the private sector to offer assistance and collaborations in achieving the shared goal of strengthening Thailand’s position as a regional hub for the international business community.

About AMCHAM

The American Chamber of Commerce in Thailand (AMCHAM) is an independent, non-partisan, non-profit organization. With over 2,600 members representing over 600 American, Thai, and other international companies, AMCHAM is the leading international business association in Thailand. Member companies have cumulatively invested over 50 billion US dollars in Thailand and provide more than 200,000 local jobs.

If you would like to learn more about AMCHAM, please visit: www.amthamthailand.com or contact Varsha Wadhwani, AMCHAM Communications Officer, at e-mail varsha@amchamthailand.com.

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