US-Asean companies devoted to region

ASEAN SUMMIT

PATTAYA : American companies operating in Asean remain committed to Thailand and the region and are continuing to search for new business opportunities, according to the Washington-based US-Asean Business Council.

Council members yesterday also showed support for Thailand's move to push forward regional integration of financial and capital markets.

"In spite of the current global crisis, we are still committed to doing business in the region and are looking for additional opportunities here if they are available," said senior director Marc Mealy following a meeting with Asean finance ministers yesterday.

"Even with the difficulties faced by US parents, companies are operating as normal and looking to increase their presence if the right policies and opportunities are in place."

Mr Mealy, together with his colleagues from the US, Japan and Europe, flew to Thailand for the meeting. They represent companies in the financial sector including AIG, Citicorp, NYSE, General Electric (GE) and Standard & Poors.

"The Thai Finance Ministry is trying to build an Asean financial capital market and we are ready to support their goal and vision. In the next few months our members will launch financial products that help promote regional integration," said Mr Mealy.

At the same time, the council expressed its wish for Thailand and Asean members to take voices and concerns of US businesses into consideration when drafting stimulus measures, he said.

"Like local companies, we want the minister to tell us what we can do to be helpful and also to take our advice for drafting policies for the region going forward in this difficult period," he said.

Discussing the US economy, Mr Mealy said uncertainty remained with the best assumption suggesting the economy has bottomed out on its way to recovery before the end of 2009.

"Nobody knows for sure. A worst-case estimate is that the economy could contract by 2-3% this year, with unemployment of 10%. Globally, damages could reach four trillion dollars this year," he said.

Thai Finance Minister Korn Chatikavanij said the council members expressed the view that Asean provided the best business opportunities for American companies.