Prime Minister Prayut Chan-o-cha has assured US investors that the government's financial measures will help spur Thailand's economic growth, benefiting economic integration both in the region and globally.
Gen Prayut was speaking of the progress made by his government's economic strategies and the country's reform measures at a working dinner on Wednesday ahead of the 2016 Nuclear Security Summit in Washington.
The dinner, co-hosted by the US Chamber of Commerce (USCC) and the US-Asean Business Council (USABC), was also attended by USABC president Alex Feldman, USCC senior vice-president for Asia Tami Overby, executives from leading US companies, US government officials and diplomats.
According to deputy government spokesman Werachon Sukhondhapatipak, Gen Prayut reassured US investors of Thailand's economic growth as the government's financial strategies steer the country towards sustainable economic prosperity.
Topics discussed at the event included boosting the country's prosperity by minimising laws and trade barriers as well as promoting economic growth through industrial investment and a digital economy based on "people, public, private, partnership".
The government has focused on three key areas: Special Economic Zones (SEZs), the digital economy and intellectual property rights, Gen Prayut said.
As for the SEZs, Gen Prayut said the government aimed to boost two industrial sectors: Existing potential industry (First S-Curve) and future industry (New S-Curve).
The First S-Curve comprises five industrial clusters: Next-generation automotive, smart electronics, qualitative tourism and tourism targeting high-spending tourists, agriculture and biotechnology, and food processing.
The New S-Curve consists of five other clusters: Robotics, aviation and logistics, biofuels and biochemicals, digital economy, and medical hub.
For the digital economy, Gen Prayut said services will be developed based on information technology (IT). IT network and data centres will be installed nationwide to facilitate business transactions for both Thai and foreign investors and their clients.
The Ministry of Information and Communications Technology (ICT) proposed eight draft bills related to the digital economy to the National Legislative Assembly for its consideration last month.
The ICT is also drafting the National Economic and Social Development Plan for the 2016-2020 period, which will pave the way for the US private sector to invest in Thai digital businesses.
Regarding intellectual property rights, Gen Prayut said the government is currently working on a plan to reform intellectual property rights legislation focusing on four aspects: Creativity, protection, commercial use and suppression.
In February, the National Intellectual Property Policy Committee, chaired by the prime minister, vowed to strictly prosecute all intellectual property violations, including internet-related violations.
Gen Prayut said the Thai government has also expedited efforts to standardise measures to protect intellectual property to meet international expectations.
He added that last year Thailand was able to weather the global economic downturn thanks to high international reserves, a low unemployment rate and a skilled workforce.
The US is ranked as Thailand's third-largest trade partner, generating an estimated 39.8 billion baht a year for the Thai economy. More than 100 US-based firms have also invested in Thailand in various industries.