We are creating some awesome events for you. Kindly bear with us.

Thailand and the US sign MoUs on digital trade and investment

Thai and US businesses pledged Monday to set up an economic and business promotion committee and partner to promote Thailand’s digital economy and Thailand-US digital trade and investment, according to a recent report.

The chairman of the Thai Chamber of Commerce signed two memorandums of understanding (MoU) with its US counterpart led by the executive director for the Southeast Asia US Chamber.

The two MoUs will promote trust on digital platforms and ecosystems as well as upgrade working skills in the digital economy, said the chairman.

With the ongoing trade dispute between the US and China, this is a good opportunity for Thailand to attract foreign direct investment, according to the chairman who added that Thailand is a middle ground that welcomes foreign investment, including investments from the US. The executive director for the Southeast Asia US Chamber said that the two MoUs will start cooperation between the private sectors and build a platform to exchange information and network to develop the digital economy.

Some 70% of US chamber members in Thailand surveyed expect progress on the Eastern Economic Corridor (EEC), he said. US investors are optimistic about Thai economic growth and are committed to promoting Thai small businesses applying more digital technology.

The director stated that US businesses are keen to invest more in digital businesses such as blockchain sharing economy, and air freight services, naming various large multinational corporations as some interested parties. The exchange would entail Thailand facilitating ecosystems, tax incentives, access to capital, connectivity and predictable regulations.

The Prime Minister’s Office minister said that with the world’s economic centre moving to Asia, especially emerging markets in ASEAN with GDP growth averaging at 5-8%, Thailand offers a perfect investment venue for US investment, as the country offers connectivity not only to neighbouring countries but also China and India.

The US investors in the future may use Thailand as the production base of high-value products while using Laos, Cambodia and Myanmar as assembly venues and ship through Thailand’s Laem Chabang port said the minister adding that Thailand is quite ready in terms of infrastructure and ease of doing business, with a decent geographic location.

It was noted that Thailand hopes to have a free-trade agreement (FTA) with Bangladesh soon and is in FTA talks with Sri Lanka.

In a separate development, the PM Office Minister said that seven French companies and one organisation in the aviation industry are keen to invest in the U-tapao aviation city in the EEC.

An official press release stated that on 24 September 2018, the Thai Chamber of Commerce and the Thai Chamber of Commerce held a seminar on “Creating Thailand-US Commercial Opportunities” at the Dusit Thani Hotel in  Bangkok.

To prepare the MOU to set up the Economic and Business Promotion Board Both parties agreed that in 2018, the MOU between the Thai Chamber of Commerce and the US Chamber of Commerce would be signed.

This occasion marked the 185th anniversary of the diplomatic relations between Thailand and the United States and the 200th anniversary of the People to People Contact.

As mentioned before, two MoUs were signed between the Thai Chamber of Commerce and the US Chamber of Commerce. One MoU was for the establishment of the Thai-US Economic and Business Cooperation Board and the other was to promote Digital Economy, focusing on promoting trade and investment between Thailand and the United States.

A lunch was organised to celebrate the signings. The Minister of Commerce made a speech at the lunch wherein he mentioned the long-standing relationship between the two countries where sugar was the first commodity of trade between them.

In this meeting, the new Thai-US relationship was discussed and celebrated. The United States was one of the three most valuable trading nations in the world and Thai leaders hoped that the US will become the number one supplier in Thailand in the future.

However, technology will play an important role in AI with employment being a main aspect of the changing economy that will be affected. The new entrepreneurs and SMEs will be key factors in driving the economy.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend