TAIPEI (TVBS News) — U.S. Commerce Secretary Gina Raimondo said Thursday (March 14) that the United States is set to invest US$5 billion in the semiconductor industry, significantly boosting production and offering Thailand and other Asia-Pacific nations high potential for growth in the sector, for which Thailand stands ready.
Raimondo visited the Philippines and Thailand from March 11 to 14, aiming primarily to strengthen U.S.-Asia-Pacific relations. Amid her visit, she led a delegation of 21 leading U.S. firms, establishing connections with local corporations and government during her time in the Philippines, where she announced an investment exceeding US$1 billion.
In Thailand, she has already met the country's Minister of Commerce, Prime Minister Srettha Thavisin, as well as the foreign minister, and has expressed hopes to meeting with representatives from the semiconductor industry.
Raimondo pointed out that it is a pivotal moment, with the U.S. intent on diversifying supply chains. Both the Philippines and Thailand boast robust labor forces and share values with the U.S.
Thavisin has declared the semiconductor sector a priority industry and has crafted a comprehensive strategy. Coupled with over 10 semiconductor packaging and testing facilities in Thailand, Raimondo believes the country is well-prepared for this industry.
Raimondo will participate in a ministerial online meeting with members of the Indo-Pacific Economic Framework (IPEF) in Thailand, marking the first assembly since the "Supply Chain Agreement" was signed jointly by the IPEF member's ministers during the Asia-Pacific Economic Cooperation (APEC) last November.