13-3-2024 (BANGKOK) US Commerce Secretary Gina Raimondo asserted on Wednesday that Thailand holds significant appeal for US multinational corporations seeking to diversify their supply chains, expressing readiness to bolster investments into the country.
Addressing an event in Bangkok, Ms. Raimondo highlighted sectors such as electric vehicles, semiconductors, and digital industries as particularly attractive areas for investment.
“As US multinationals seek to broaden their supply chains, Thailand increasingly emerges as a top destination,” she remarked.
“Currently, there is insufficient semiconductor production globally, with production dangerously concentrated in only one or two countries. Thus, collective action is imperative.”
Ms. Raimondo also lauded the progress of the Indo-Pacific Economic Framework, citing agreements on supply chains, decarbonisation, infrastructure, and governance.
Emphasising the potential benefits for Thailand and other Indo-Pacific nations, she affirmed that they would be prioritised for semiconductor investments under the framework.
Earlier in the week, Ms. Raimondo’s visit to the Philippines witnessed the announcement of US investments exceeding $1 billion in various sectors, including solar energy, electric vehicles, and digitisation, reinforcing the strong ties between the two countries.
