DPM outlines priorities on accelerating foreign direct investment
published : 3 May 2022 at 17:36
Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said the Bio-Circular-Green (BCG) Economy Model, the 4D trends and four sectors of the New S-Curve industries are key factors to drive Thailand’s GDP and investment growth.
Mr Supattanapong, ML Chayotid Kridakon, the Thai Trade Representative and Natta Bhachaiyud, director of Digital Government Promotion Directorate of the Office of the Public Sector Development Commission (OPDC) recently addressed members of the American Chamber of Commerce in Thailand (AMCHAM Thailand).
AMCHAM vice president, Tibor Pandi from Citibank, delivered the opening remarks and expressed appreciation for the opportunity to learn about the government’s strategies to increase the ease of doing business and enhance Thailand’s competitiveness as a regional investment hub, as well as the government’s efforts to attract foreign direct investment to support post-Covid-19 pandemic recovery and sustainable economic growth.
Energy Minister Supattanapong Punmeechaow, right, Thai Trade Representative ML Chayotid Kridakon, centre, and AMCHAM Executive Director Heidi Gallant.
During the meeting on April 27, Mr Supattanapong highlighted the long-standing partnership between Thailand and the US over the years. He spoke about key factors driving Thailand’s GDP and investment growth in 2022. He touched upon the BCG Economy Model, the 4D trends - Digitalisation, Decarbonisation, Decentralisation, and Derisk, and four sectors of the New S-Curve industries which require foreign investments to bring in new technologies and talents, resulting in the development of the Long-Term Residence program (LTR). He further sought collaboration from AMCHAM on the Thailand Investment Roadshow in the US and input on making businesses in Thailand sustainable and successful.
ML Chayotid provided an overview on the New S-Curve opportunities to accelerate investor attraction in electronic vehicles, smart electronics, pharma, with the introduction of the LTR to assist foreign residents to live in Thailand long-term and facilitate skill transfer to the local workforce. The promotion of the New-S-Curve industries and implementation of the LTR will strengthen Thailand’s competitiveness advantage. In addition, Natta provided an update on the Ten for Ten initiatives which simplify and digitize the government’s processes, namely customs clearance, license applications, Board of Investment and Thai FDA applications, visa and work permit process to access skilled labour, and more.
Director of Digital Government Promotion Directorate of the Office of the Public Sector Development Commission (OPDC) Natta Bhachaiyud addresses AMCHAM membership.
Following the presentations, AMCHAM members engaged in an active question and answer session, with questions ranging from renewable energy to the LTR program to the creative economy. The Deputy Prime Minister and his colleagues provided thoughtful answers and expressed their desire for continued collaborations with foreign businesses in Thailand.
In her closing remarks, AMCHAM executive director, Heidi Gallant, delivered appreciation to the deputy prime minister for providing comprehensive and insightful information on the government’s activities, initiatives, and opportunities for the private sector to offer assistance and collaborations in achieving the shared goal of strengthening Thailand’s position as a regional hub for the international business community.