Press Release
☷Secretary Raimondo Leads Successful Presidential Trade and Investment Mission to the Philippines President s Export Council Trip to Thailand
U.S. Department of Commerce ( By Press Release office)
Mar 21,2024
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Secretary Raimondo had a successful trip leading a trade and investment mission to the Philippines and a fact - finding trip to Thailand with the President ' s Export Council . The mission in the Philippines resulted in over $1 billion in investments and discussions on strengthening commercial relationships . Raimondo also participated in virtual meetings and discussions on economic empowerment and labor rights . Overall , the trips were focused on building stronger partnerships and creating opportunities for both countries . Aside from meetings and engagements with stakeholders , this visit to Thailand also gave Secretary Raimondo the chance to attend the first ministerial meeting of 2024 with Deputy Prime Minister and Foreign Minister Parnpree Bahiddha - Nukara and ministers from the other 12 IPEF partners . During the meeting , she reiterated the U . S . ' s commitment to working closely with IPEF partners to implement the IPEF Supply Chain Agreement , which came into force on February 24 , 2024 . She also expressed satisfaction with the progress made since the negotiations for the proposed IPEF Clean Economy Agreement , the IPEF Fair Economy Agreement , and the Agreement on IPEF in November 2023 . During her time in Thailand , Secretary Raimondo also met with government officials and stakeholders in the semiconductor industry to talk about strengthening global supply chains and cooperation between the United States and Thailand . She discussed collaboration opportunities in the digital economy , artificial intelligence , and cybersecurity with the Minister of Digital Economy and Society Prasert Chanthararuangthong . She had a meeting with the Deputy Prime Minister and Minister of Foreign Affairs Parnpree Bahiddha - Nukara focused on enhancing diplomatic and commercial ties through the Indo - Pacific Economic Framework for Prosperity ( IPEF ) . Lastly , she thanked Thai Prime Minister Srettha Thavisin for Thailand ' s partnership in advancing shared economic priorities . While in Bangkok , Secretary Raimondo met with Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai to discuss trade and investment priorities related to the digital economy , clean energy , sustainability , and semiconductors . She also met with PEC members to exchange ideas on improving trade and investment ties between the two countries . After Secretary Raimondo ' s successful trip to Manila , she went to Thailand with members of the President ' s Export Council ( PEC ) from March 13 - 14 . The main goal of the visit was to find opportunities for both countries to strengthen their commercial relationships in manufacturing , supply chains , the digital economy , and clean technology . The IPEF partners had a chat about the upcoming work they ' ll be doing together under the proposed agreements , and following that progress , the Department of Commerce released the text of those agreements . Check out summaries , press releases , and media coverage from Secretary Raimondo ' s recent trips to the Philippines and Thailand below:Presidential Trade and Investment Mission to the PhilippinesSummary of Secretary Raimondo ' s Meeting with the Advisory Committee on Supply Chain CompetitivenessSummary of Secretary Raimondo ' s Meeting with Secretary Pascual and Secretary Go of the PhilippinesSummary of Secretary Raimondo ' s Meeting with President Ferdinand Romualdez Marcos Jr . of the PhilippinesSummary of Secretary Raimondo ' s Meeting with the Private Sector Advisory Council of the PhilippinesSummary of Secretary Raimondo ' s Roundtable Discussion with Women Business Leaders in the PhilippinesSummary of Secretary Raimondo ' s Roundtable Discussion with Labor Organization Leaders in the PhilippinesPresidential Trade and Investment Mission: Strengthening US - Philippine Commercial Ties with the Help of US Private Sector CompaniesReuters: US companies set to invest over $1 billion in the Philippines During her visit to Manila , US Commerce Secretary Gina Raimondo announced that American companies will be investing more than $1 billion in the Philippines . The delegation includes executives from 22 companies like United Airlines , Google , Visa , KKR Asia Pacific , and Microsoft . Raimondo emphasized the US ' s commitment to expanding trade and investment not only in the Philippines but also in the larger Indo - Pacific region through the Indo - Pacific Economic Framework . She also mentioned that the US has no plans to disconnect from China but will restrict its access to advanced technology . Bloomberg: US Companies to inject $1 billion into Philippines , says Raimondo US companies participating in President Biden ' s trade and investment mission will be investing over $1 billion in the Philippines , according to Commerce Secretary Gina Raimondo . The alliance between the US and the Philippines is described as "strong , " and Raimondo is leading an investment mission with around 20 American executives to enhance economic relations . Microsoft Corp . has announced new partnerships and programs to accelerate AI adoption in the Philippines , as stated in a separate announcement . The US has made investments in digital upskilling , solar and nuclear projects , and a new airline route to Cebu province , according to Raimondo . The US trade delegation , led by Commerce Secretary Gina Raimondo , will consist of 22 business delegates and C - level representatives from various sectors . The goal is to strengthen the relationship between the Philippine and American business sectors and form meaningful partnerships . The visit fulfills a promise made by President Joe Biden during President Ferdinand Marcos ' trip to the US last year . The delegation includes Filipino - American artist Allan Pineda , also known as ' Apl . de . Ap , ' as well as representatives from United Airlines and Capital One Philippines . The US companies are investing over $1 billion in the Philippines , aiming to create employment and professional development opportunities for Filipinos . Raimondo has also called for an increase in capacity for assembling semiconductors in the Philippines , following pledges of investment from companies like Microsoft and United Airlines . The government and experts are saying that if the US wants to compete with China in the region , it needs to focus more on economic engagement rather than just military and security cooperation with Asian partners . Commerce Secretary Gina Raimondo recently visited Thailand and had meetings with various Thai officials , including the Deputy Prime Minister , Minister of Commerce , Minister of Digital Economy and Society , Minister of Foreign Affairs , and the Prime Minister . During her visit , Raimondo mentioned that Thailand could benefit from the US diversifying semiconductor production and that American companies are ready to invest more in the country . She also praised the progress made by the Indo - Pacific Economic Framework for Prosperity during their recent ministerial meeting . This framework was launched by the US in 2022 to promote economic cooperation in the region . The Indo - Pacific Economic Framework , led by the US , is moving into a new phase . They have released proposed texts that cover agreements on a "clean economy" and a "fair economy , " as well as overall rules for how the framework will operate . Commerce Secretary Raimondo expressed confidence that the next phase of the framework will continue to deliver tangible results for all participating countries . The virtual ministerial meeting , hosted by Thailand ' s Deputy Prime Minister and Foreign Minister , was attended by ministers from the other 12 countries involved . Commerce also announced new initiatives to support economic cooperation within the framework . The proposed agreement would establish two ministerial - level bodies and an IPEF Council to oversee its operation and consider proposals for new members . During her visit to Bangkok , Secretary Raimondo spoke with Amcham President Ornkanya Pibuldham of Bank of America , discussing ways to enhance trade and promote technological advancements and sustainable growth . The event was attended by business executives from various sectors , as well as US Ambassador to Thailand Robert Godec , members of President Biden ' s Advisory Council , and senior officials from the US Department of Commerce . Raimondo is in Thailand as part of President Biden ' s Export Council , aiming to expand US - Thai commercial relations and expressing gratitude for the partnership between the two countries .
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