US firms to up investment, trade with Asean due to AEC

June 9-13, 2013. Many US companies are interested in increasing their investment and business in Asean, due to strong confidence about the region’s prospects in light of the Asean Economic Community’s implementation in 2015.

Vice Minister for Commerce Sin Kumpha said last week’s second US-Asean Economic Ministers Roadshow to the US had been a success, as many US firms – mainly in the fields of information technology, movies and intellectual property – had said they would like to invest more in ASEAN countries.


The mission aimed to raise awareness about upcoming ASEAN integration under the AEC single market, and encourage more cooperation with and investment by American business partners.

During a discussion under the Asean-US Trade and Investment Framework Agreement, the US side proposed that ASEAN move forward on the US-Asean Expanded Economic Engagement (E3) Initiative, which is aimed at developing the infrastructure of ASEAN member states.

The US wants to invest in infrastructure development and IT amid a fair and equal environment in the region, said Sin.

During the ASEAN ministers’ visits to a number of major US cities, including Los Angeles, San Francisco and Washington DC, the delegation engaged in talks over business tie-ups in a number of industries.

For instance, discussions were held with the Motion Picture Association of America and leading movie companies such as Twentieth Century Fox, Walt Disney Studios and Universal Studios about increasing cooperation in film production.

The ASEAN delegation also urged American producers to benefit from movie locations in Southeast Asia, due to the region’s beautiful nature and landscape, the vice minister added.

Piramol Charoenpao, director-general of the Trade Negotiations Department, said bilateral trade between ASEAN and the US expanded strongly each year.

Last year, trade was worth US$198.47 billion (Bt6.14 trillion), with shipments from ASEAN to the US valued at $75.54 billion and imports worth $122.93 billion.

Thailand is Asean’s third-biggest trading partner with the US, after Singapore and Malaysia.

Excerpted From Nation Multimedia

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