I am honored to once again have the opportunity to serve my country - this time as Thailand Trade Representative. As appointed TTR, it is my role to promote international trade, and to facilitate commerce and investments in Thailand - to show that Thailand is open for business! Our country has historically been a very attractive investment destination, with an established and modern infrastructure, access to capital markets, and a proponent of free and open trade with the region, and the world.

The past year and a half has been very difficult for many nations. Both the public sector and the private sector are facing major obstacles. The US government is debt laden and is facing a record deficit as it attempts to combat the perfect storm – a crisis in the financial industry, mortgage sector, residential and commercial property, while enduring the longest recession since the great depression.

Europe is sharing similar issues, but in a more fragmented way. Whereas Great Britain, Spain and much of Eastern Europe share the same traits with regards to real estate, each economy is faced with its own unique problems. Unlike the United States, the European Union will not have the same say in how to address each country, and thus, the remedies will have to be different for each country.

China does not suffer from the debt and mortgage problems of the US, but nonetheless are faced with the reality that they need to change their economy from being predominantly export driven to a domestic consumption model. China can no longer depend on the US and Europe to purchase their products. Thus, they are faced with their own unique challenges and they need to re-align their industry and induce a change of its consumption among its citizens.

Throughout this period, Southeast Asia has proven to be remarkably resilient. To be sure, our region is facing its fare share of economic problems, and stock markets, GDP, corporate and personal earnings are down. However, many lessons were learned during the Asian Financial Crisis in 1997, and corporate balance sheets are much stronger today compared to 10 years ago. By the same token, our governments have strengthened their respective foreign reserves, and entered into this period of uncertainty much better prepared.

In terms of Thailand, we have endured some political uncertainty in recent years. However, during this time businesses have continued to operate and companies export their products and services to the region and to the world. Thailand continues to be a favored investment destination for Asia. Our business record remain intact, and our commitment to supporting and promoting free and open trade with the world has never been stronger. It is my privilege to welcome you to Thailand.  

Sincerely,

Dr. Vachara Phanchet
Thailand Trade Representative