Opening Remarks

H.E. Mr. Srettha Thavisin, Prime Minister of Thailand

Thailand-U.S. Trade and Investment Conference 2024

31 May 2024 at Mövenpick BDMS Wellness Resort Bangkok

* * * * *
Theme: “Building on a Longstanding Partnership”

Distinguished Members of the Thai Chamber of Commerce, the American Chamber of Commerce, and the U.S. Chamber of Commerce,

Ladies and Gentlemen,

[Introduction]

• Thank you for inviting me to this year’s Thailand-U.S. Trade and Investment Conference.
  
  
• I value the longstanding partnership we have and appreciate your policy recommendations.
  
  
• Since our last meeting, I have taken AMCHAM’s “Five to Thrive” into consideration. Now I can confidently say that policy recommendations are in sync with the Government’s vision.

Ladies and Gentleman,

• Ever since taking up the office, my message to the world has been clear: “Thailand is open for business, and there is no better time to do business or invest in Thailand right now.” Together with my outreach to global entrepreneurs,
  the Government has made progress in reviving the economy, and promoting ease-of-doing-business through implementing regulatory guillotine, digital government services, and streamlined processes.
  
  
• For example, BOI has extended corporate income tax exemption (CIT) for an additional 3 to 5 years for 5 strategic industries, namely green industries, EV, smart electronics, digital industry, creative industry, and regional head office. In 2023, BOI received investment promotion applications worth 12.69 billion USD, a sharp increase of 47% from previous year.
  
  
• Despite these positive figures, we still have much to do to ensure a brighter future for Thailand. To do so, we have launched the “Ignite Thailand” vision earlier in February, outlining a roadmap for Thailand to become a hub in 8 major sectors, namely tourism, healthcare and wellness, agriculture and food, aviation, logistics, future mobility, digital economy, and finance.
  
  
• Recalling my first address to the U.S. businesses in New York last September, I said that the phrase “Trade flies the Flag” best described the longstanding Thailand-U.S. partnership from day one. Thailand became the U.S.’ first treaty partner in Asia under the Treaty of Amity and Commerce in 1833. Over the last two centuries, our economic links have been robust, and has grown continuously.
  
  
• I am impressed by the breadth and depth of our bilateral partnership, cutting across all levels and sectors. There is barely any dimension where we do not have cooperation with the U.S.
  
  
• My government is also committed to proactively engaging with the U.S., bilaterally and through IPEF, to bring more partnerships and investments, and to address modern challenges for our mutual interest.
  
  
• The important question is: What is the next chapter of Thailand-U.S. economic partnership?
  
  
• I envision the next chapter to be more inter-connected, green, and forward-looking. Allow me to connect the dots by outlining how Ignite Thailand fits into this equation, and what opportunities exist for U.S. businesses.
  
  
• First, logistics. With our strategic location, the government aims to make Thailand the connectivity hub of Southeast Asia and beyond. The country’s flagship mega project, the “Landbridge,” is underway. This, along with the new Southern Economic Corridor, will play an essential part in connecting trade and logistical route from Pacific to the Indian Ocean, as well as open possibilities for land and sea transport connectivity. It will also uplift our inter-connectedness and present vast opportunities under a new geopolitical landscape.
  
  
• Second, aviation. Thailand aims to become the aviation hub for both passengers and goods. The government is accelerating plans to build new airports and upgrade many existing ones across the country.
  
  
• Our Bangkok airport is undergoing a major capacity expansion. We are constructing the new South Terminal for passengers, new cold chain and cargo handling facilities, and more runways. This will increase the total number of passengers from 60 million to 150 million passengers.
  
  
• Apart from Bangkok, we will also construct additional airports in the South which is called Andaman International Airport, and the North, the Lanna International Airport, as well as adding Sea Plane terminals to provide more choices
  of transportation.
  
  
• As part of our green transition, we are also planning to develop Sustainable Aviation Fuels or SAF, drawing from our existing raw materials blended with U.S. know-how. I wish to invite U.S. businesses to tap into these vast opportunities. The Japanese have already started the process.
  
  
• Third, digital. With extensive 5G-internet connection, robust digital infrastructure, and digitally-active population, the government aims to make Thailand the digital economy hub in the region. I invite the U.S. to support areas such as AI, Data Center, and digital ecosystem, and infrastructure, as well as upskilling our workforces to cater to high-tech industries.
  
  
• Fourth, future mobility. Sustainability remains at the forefront of the Government’s agenda. Our green transition goal is one of the most ambitious
  in Southeast Asia, and we have a comprehensive roadmap in place to have 50% of energy production be renewable by 2040.
  
  
• Thailand aspires to be the hub for future mobility, especially for the whole value chain of EV industry, which we invite the U.S. to invest in and support its development. The country is also exploring green hydrogen, battery storage solutions, CCUS, and Small Modular Reactor as tools to enable greener manufacturing.
  
  
• Fifth, tourism. Promoting people-to-people exchanges is an investment to keep our future ties strong. The Ignite Tourism Thailand 2025 will uplift Thailand to a world-class tourism destination. We are in the process of revamping our visa regime to make it easier to travel into the country, boosting mobility for both tourism and business travelers.

Ladies and Gentlemen,

• I want to reiterate AMCHAM and USCC that Thailand is open and ready to be your trusted economic partner.
  
  
• Forging new chapter of Thailand-U.S. economic partnership — one that is inter-connected, green, and forward-looking — will be both challenging and exciting, but Thailand is ready.
• As you can see, the government’s vision for the future of Thailand is very much aligned with “Five to Thrive” recommendation. Let’s now turn our shared vision into action. We count on all of your support in raising our economic partnership to the next level.
  
  
• Please rest assured my government is here to listen and work with you. Like I always say, “what should be done, will be done.”
  
  
• Thank you.

* * * * *