US Commerce Secretary Visiting Thailand: "Expanding Investment in Southeast Asia's Semiconductor Industry"

"Semiconductor Production Concentrated in One or Two Countries Poses Risk"

Gina Raimondo, the U.S. Secretary of Commerce, who is visiting Thailand, reiterated her commitment on the 13th (local time) to invest in the Southeast Asian semiconductor industry, stating that global semiconductor production is concentrated in a few countries.

Gina Raimondo, U.S. Secretary of Commerce
[Photo by AP]

According to the Bangkok Post and others, Secretary Raimondo said at an event held in Bangkok, the capital of Thailand, that "semiconductor production is dangerously concentrated in one or two countries worldwide," and that efforts are underway to diversify supply chains centered on countries participating in the Indo-Pacific Economic Framework (IPEF). She added that countries in the Indo-Pacific region, including Thailand, could benefit and that semiconductor investment would be prioritized.

Secretary Raimondo also evaluated Thailand as "the top investment destination for U.S. multinational companies seeking to diversify supply chains." She expressed special interest in the electric vehicle, semiconductor, and digital sectors, stating that U.S. companies are ready to make large-scale investments.

Secretary Raimondo is leading the President’s Export Council and visiting Thailand for two days from the 13th to the 14th. She previously visited the Philippines from the 11th to the 12th. While in the Philippines, Raimondo mentioned the possibility of expanding semiconductor export restrictions on China and announced plans to increase semiconductor investment in Southeast Asian countries.