Thailand Seeks Strengthened Investment Ties with Renowned US Companies

The International Trade Council reports that Thailand’s Prime Minister, Mr. Srettha Thavisin, during his recent overseas visit, held discussions with key U.S. firms such as Microsoft, Google, and Estee Lauder, indicating an inclination to explore mutual business opportunities.

Thailand’s economy is currently projected to grow by 2.8%. With an intent to provide a boost to the Thai economy, Prime Minister Thavisin expressed a desire to invite and engage more foreign investors. “Thailand is exploring avenues for international business engagements and looks forward to potential collaborations,” commented the Prime Minister.

In a series of discussions, Prime Minister Thavisin exchanged thoughts with Tesla’s Elon Musk on the evolving electric vehicle sector. Additionally, the conversation with Estee Lauder’s chairman highlighted the potential of seaweed as a raw material, abundant in Thailand, for the cosmetics sector.

Tech firms Microsoft and Google also demonstrated interest in exploring possibilities within Thailand. Microsoft’s deliberations revolved around the potential establishment of data centers, while Google has initiated preliminary discussions with the Thai Board of Investment. Further details on these interactions will be shared when available.

Recognizing the role of banking and financial services in supporting international collaborations, the Prime Minister also engaged with several banking institutions. Goldman Sachs has expressed an interest in understanding the Thai market further, possibly evaluating the feasibility of an office in the region.

The International Trade Council observes that in the first half of 2023, investment commitments to Thailand witnessed an uptick, with a notable contribution from various sectors, including Chinese auto investors.