Thailand's economy stands to gain from any trade war between the United States and China, Commerce Minister Pichai Naripthaphan said on Thursday, adding the Southeast Asian country had good relations with both nations and would not need to take sides in a dispute.
In a trade war, US imports of Chinese goods would drop, and Thai products should replace them, meaning that Thai exports to the US will increase, he told reporters.
"We have a good balance between the US and China ... the Americans love us, the Chinese love us, we don't have to choose sides," Mr Pichai said, adding a delegation of American businesses visit Thailand in November.
The minister said he hoped for more investment from the United States, citing plans by hard disk producers Seagate and Western Digital to expand their existing operations in Thailand.
On Wednesday, Mr Pichai told reporters that a rush of new investments is expected in the coming years from China, the US and other countries which see Thailand as a neutral and friendly player in global geopolitics.
"[Donald] Trump's win will be beneficial for Thailand, because Republicans are pro-business and the US-China trade war will continue and result in more investments from both countries into Thailand," he said.
"Everybody wants to invest in Thailand and use us as a manufacturing hub for exports to other countries."
Commerce Minister Pichai Naripthaphan says both the Chinese and the Americans love Thailand. (Photo: Chanat Katanyu)
Trump, who won the US presidential election on Wednesday, has threatened to ramp up the trade contest with China by slapping steep tariffs on imports, moves that could upend global trade.
Southeast Asian countries were among the biggest beneficiaries of the US-China trade war during Trump’s first term in office as companies relocated businesses from China to the region to circumvent punitive tariffs and trade curbs.
A longtime manufacturing powerhouse for automobiles and electronics, Thailand has in recent months ramped up efforts to attract investment from global companies to bolster growth from an average of less than 2% under a decade of military-backed rule.