US Secretary of Commerce Gina Raimondo speaks during a meeting with business executives at a hotel in Manila March 12, 2024. — AFP picBANGKOK, March 13 — Thailand stands to gain from a move by the United States to diversify semiconductor production, US Commerce Secretary Gina Raimondo said today, adding that American firms were ready to “supercharge” investments into the South-east Asian country.
“Production of semiconductors is dangerously concentrated in one or two countries in the world,” Raimondo said at an event in Bangkok, outlining that the US would look to push additional investments into countries that are part of the Indo-Pacific Economic Framework as it seeks to diversify production.The US-led IPEF, aimed in part at providing countries in the region with an alternative to closer ties with China, consists of 14 countries, including Thailand.
In 2022, the US passed the landmark “Chips and Science” law that provides US$52.7 billion for US semiconductor production, research and workforce development.Thailand’s semiconductor industry, dominated by firms from the US, Japan, Korea and the Netherlands, is largely focused around the back-end process, putting the country at par with Vietnam and India, according to a 2023 Siam Commercial Bank report.
Thailand’s Board of Investment is also offering incentives, such as tax breaks and duty exemptions, to draw investments into the semiconductor industry.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: theSundaily - 🏆 25. / 51 Read more »
Source: UMonline - 🏆 27. / 51 Read more »
Source: paultan - 🏆 22. / 51 Read more »
Source: Kotaku - 🏆 2. / 86 Read more »
Source: paultan - 🏆 22. / 51 Read more »
Source: theSundaily - 🏆 25. / 51 Read more »