Thailand is now back on track with a newly appointed Cabinet and Prime Minister in September 2014, ready to move forward with economic reform, and striving to increase the competitiveness of the Thai economy and furthering its leading role as a trade and investment hub in the ASEAN (Association of Southeast Asian Nations) region.
Many high-level Thai and European investors gathered at the Executive Discussion Forum organized by the Thai-European Business Association (TEBA) in Brussels on 19 September 2014, to discuss how the EU and its business community should proceed in developing the political agenda, and working together in moving forward the trade and investment relations between the EU and Thailand in order to leverage the business opportunities offered by the region, especially the with the upcoming inauguration of the ASEAN Economic Community (AEC) in 2015.
Thai and European businesses and investors agreed that the revival of the Free Trade Agreement (FTA) negotiations between the EU and Thailand is the key to facilitate trade and investment between the two regions. Businesses from both sides are keen to maximise unrealised potential opportunities in trade and investment offered by the EU-Thailand FTA. For example, many major industrial sectors – such as automotive, aerospace, medical and pharmaceutical – can deliver mutual benefits to Thai and European businesses.
For businesses, stability and a long-term commitment of the government in charge in opening up markets to foreign investors and a willingess to promote trade and investment is crucial in making business decisions. The TEBA executives confirmed their confidence that Thailand is moving forward in this “business friendly” direction. Thailand is moving forward and it is very timely now for the EU and its business sector to become aware of the business opportunities offered by Thailand and the ASEAN region.
TEBA is a Thailand-based business organisation representing 80 Thai and European investors and companies doing business in Thailand.