Photograph courtesy of The Nation

To ramp up international semiconductor manufacturing, US Commerce Secretary Gina Raimondo promised investment in Thailand’s manufacturing sector.

Raimondo, talking at an occasion in Bangkok hosted by the American Chamber of Commerce, asserted that Thailand stood to learn considerably from elevated US investment in semiconductor manufacturing, stating that American companies have been poised to supercharge their investments in the nation.

Highlighting the urgency of diversifying semiconductor manufacturing, Raimondo pressured the significance of collaboration amongst nations.

“We’re all in this collectively. It advantages everybody, the USA, Thailand, all of the IPEF international locations, to diversify the availability chain of semiconductor manufacturing.”

Attributing the surge in demand for semiconductors to the proliferation of knowledge centres, the digital financial system, and synthetic intelligence, Raimondo cautioned in opposition to the trade’s present focus in only some international locations.

Raimondo’s remarks come as a part of broader efforts by the US to bolster investment in the Indo-Pacific area by the Indo-Pacific Financial Framework for Prosperity (IPEF). Launched in Could 2022, the IPEF goals to foster financial ties amongst its member international locations, comprising 40% of world GDP and 28% of world commerce.

To additional strengthen financial cooperation, Raimondo prolonged an invite to Thai companies to take a position in the US by the SelectUSA investment programme.

The Commerce Secretary’s go to to Thailand additionally consists of high-level discussions, together with a gathering with Prime Minister Srettha Thavisin to discover avenues for enhanced commerce and investment cooperation between the 2 nations, reported The Nation.

The US-led initiative, which incorporates international locations similar to Australia, Japan, and Singapore, serves as a substitute for regional international locations searching for to diversify financial partnerships amid rising considerations over China’s affect.

In associated information, Commerce Minister Phumtham Wechayachai visited Hong Kong to market Thailand’s movie trade and Y Collection TV dramas.

The delegation participated in the Hong Kong Worldwide Movie and TV Market (FILMART 2024). The go to additionally consists of exploring avenues to broaden the Hong Kong market for Thailand’s agricultural merchandise.

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