Thailand, US bolster trade ties with focus on high-tech investments

Commerce Minister Pichai Naripthaphan and US Ambassador Robert F. Godec yesterday engaged in discussions focusing on trade tariffs and investment in high-tech sectors, aiming for strategic alignment.

During their meeting yesterday, October 17, Pichai emphasised that the talks were crucial for establishing a strategic partnership and bolstering economic ties between Thailand and the US, enhancing both bilateral and investment relations.

The forthcoming visit of the US-ASEAN Business Council to Thailand was also underscored by both parties as an opportunity to further solidify economic, trade, and investment connections.

Pichai noted Thailand’s readiness to collaborate with the US by positioning itself as a manufacturing hub within the supply chain for advanced US industries, including digital, artificial intelligence, electronics, and semiconductors.

He highlighted the interest of US tech giants such as HP, Google, and Amazon in investing in data centres and cloud services in Thailand, underscoring the country’s potential to evolve into a regional hub for the digital industry.

Godec affirmed that the US government would support American companies investing in Thailand.

Pichai also extended an invitation to US firms to invest in the Thai food industry, citing Thailand’s robust food security and high export potential to emerging markets.

He called on the US government to reinstate the Generalised System of Preferences tariff privileges for Thai products, which expired in 2023, emphasising mutual benefits for businesses in both nations.

Godec praised the collaborative efforts of Thai and US officials in the realm of intellectual property protection, which culminated in Thailand’s removal from the US watch list.

In 2023, the US was Thailand’s second-largest trade partner after China, with bilateral trade amounting to US$68.7 billion.

The US remains Thailand’s top export market, with exports valued at US$48.4 billion. Major exports include computers and computer parts, rubber products, telephone and telephone parts, semiconductors, transistors and diodes, transformers and components, gems and jewellery, as well as automobiles and auto parts, reported Bangkok Post.

The US is also Thailand’s third-largest import market, with imports valued at US$19.3 billion. Key imports consist of crude oil, machinery and components, electrical circuits, and medical science equipment.