Srettha to push US investment in Thailand’s microchip industry
Prime Minister Srettha Thavisin will urge the US Commerce Secretary to boost investment in Thailand’s microchip and semiconductor industry during a meeting at Government House on Thursday, according to an informed source.
Srettha, who doubles as finance minister, is scheduled to meet visiting US Secretary of Commerce Gina Raimondo and President’s Export Council chairman Mark Ein.
The prime minister – a self-described salesman for Thailand – has just returned from a trip to France and Germany where he discussed trade and investment.
Srettha’s discussion with the senior US officials will cover economic cooperation between the two countries, a Government House source said.
He will invite leading US companies to invest in Thailand and also ask the US to open its market further for Thai products. The investment push will focus on Thai manufacturing of microchips and semiconductors.
In December, Raimondo urged the US and its allies to stop China from accessing advanced chips and other top technologies key to national security.
Thailand is busy establishing its own Silicon Valley in the Eastern Economic Corridor that runs east of Bangkok.
Thursday’s talks come a day after Commerce Minister Phumtham Wechayachai met with US trade officials, who vowed to encourage more American business investment in Thailand.
Phumtham told representatives of the US President's Export Council (PEC) that his ministry was ready to cooperate with the US Department of Commerce and PEC in promoting economic, trade and investment relations between the two countries.
The PEC advises the US president on government policies and programs that affect US trade, promotes export expansion and provides a forum for resolving trade-related problems among stakeholders.
Phumtham also addressed the US Generalised System of Preferences [GSP] for imports, which expired at the end of 2020.
“The US promised to expedite GSP renewal for Thailand,” he said, adding that Bangkok was boosting protection of intellectual property (IP) rights to secure removal from the US IP Watch List.
He said both sides underlined the importance of supply chain development. Thailand is seeking to become a supply chain production base for advanced industries including digital, artificial intelligence, electronics, semiconductors, electric cars, clean energy, aviation, and pharmaceuticals.
