During an event held in Bangkok, U.S. Commerce Secretary Gina Raimondo emphasized Thailand’s strategic importance as a priority destination for U.S. multinational firms seeking to diversify their global supply chains. Raimondo expressed a keen readiness to significantly enhance investments in the country, citing sectors such as electric vehicles, semiconductors, and digital industries as particularly enticing for U.S. companies. This recognition underscores Thailand’s growing reputation as a preferred hub for investment diversification, with its strategic location, skilled workforce, and supportive business environment making it an attractive choice for multinational corporations.
Highlighting the critical importance of addressing the concentration of semiconductor production in only a few countries globally, Raimondo stressed the need for collaborative efforts to mitigate supply chain risks and ensure resilience. By diversifying semiconductor production and expanding manufacturing capabilities in countries like Thailand, the industry can mitigate vulnerabilities and enhance global stability. This sentiment underscores the shared responsibility among nations to address supply chain challenges and foster greater collaboration in key sectors.
Moreover, Raimondo lauded the progress achieved within the Indo-Pacific Economic Framework, noting significant advancements in areas such as supply chain resilience, decarbonization, infrastructure development, and governance. The framework presents an opportunity for Thailand and other Indo-Pacific nations to leverage strategic partnerships and enhance economic cooperation, particularly in critical sectors like semiconductors. By aligning with the framework’s objectives, Thailand can position itself as a key player in the region’s economic integration and development agenda.
Raimondo’s visit to the Philippines earlier in the week further underscored the United States’ commitment to bolstering economic ties with its allies in the region. During her visit, Raimondo announced that U.S. companies were poised to unveil investments exceeding $1 billion in the Philippines across various sectors, including renewable energy, electric vehicles, and digitalization initiatives. This investment announcement reflects the strong partnership between the United States and the Philippines, reinforcing their shared commitment to fostering economic growth and prosperity in the region.