Thailand Textile Industry Will Attract Foreign Direct Investment

In the first three months of 2008, the amount of textile and clothing industry exported to the United States in Thailand amounted to US $37 million.

Noulack Phounmalay, executive director of Association of the Lao Garment Industry (ALGI), said that the planned garment and textile exports in Thailand will grow by 10% to $167 million this year.

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Thailand enjoys Normal Trading Relations (NTR) in the United States. Its performance in the EU, Japan and Canada enjoys a favorable market for generalized preferential tariff (GSP).

In addition, in order to assist the trade expansion and economic development of Southeast Asian countries, the European Union also ranked Thailand as a Priority subsidy country.

At present, ALGI will also work closely with other countries such as Kampuchea and China, which monopolize the European garment and textile market. This strategy will indirectly assist Thailand in exporting and exporting textiles to the European Union.

There are about 57 textile enterprises in Thailand, and its government is optimistic about attracting huge amounts of foreign direct investment (FDI) and believes that it is of great help to the industry.