Asean, and Thailand in particular, has been highlighted as a key
investment zone for American companies, thanks to the region's economic
strength and integration, as well as the reopening of Myanmar.
According to a survey of Asean
American Chambers of Commerce (Amcham) conducted in cooperation with Amcham in
Washington and released in the presence of Prime Minister Yingluck Shinawatra
yesterday, 92 per cent of members are positive or very positive about the
outlook for Thailand and Asean.
"The economic resilience
makes US companies continue to regard Thailand as one of the world's top
investment locations," said Joe Mannix, president of Amcham Thailand, who
acknowledged the country's speedy recovery from the 2011 floods.
While 65 per cent of the 700
members in Thailand plan to expand investment here over the next year thanks to
the country's economic strength, members throughout Asean are upbeat on the
regional grouping's integration and the reopening of Myanmar, Mannix said.
In the Asean survey, two-thirds
of members said they plan to invest in the region, though they expressed some
scepticism over the region's ability to achieve integration by 2015. In this
regard, Mannix hoped that Thailand could play a role in pushing its fellow Asean
members to achieve the goal.
One-third of US companies in
Thailand currently export or are considering exporting products to Myanmar,
Mannix said, adding that at the close of 2012 these companies' investments in
Thailand would reach US$40 billion (Bt1.25 trillion).
Asean is now the fourth-largest
export market to the US and the fifth-largest supplier. The US is now
Thailand's third-largest partner in terms of trade and investment.
At the event, hosted to
demonstrate US companies' appreciation to the prime minister, Yingluck promised
to improve the investment environment through a reduction of corruption and red
tape, and by providing "the best protection against natural disasters".
She encouraged the companies to grow their business in Thailand to boost the
ranking in terms of trade and investment to No 1.
Overall, the Amcham survey showed
that Asean countries provide a comfortable environment for foreign companies.
A total of 90 per cent of
respondents expected their trade and investment in Asean to increase over the
next five years. The rise in trade and investment is good news for Asean
workers. Sixty per cent of surveyed companies expect their Asean workforce to
increase over the next two years.
The reason for increasing
business activities include the availability of market access, available
credit, infrastructure improvements, improved political stability, personal
security and positive sentiments towards the US.
Overall, the survey showed that
Asean countries provide a comfortable environment for foreign companies.
Yet, corruption remains the
biggest concern for American business operating in Asean.
Achara Deboonme
Business & Investment Opportunities
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