VII. INVESTMENT CLIMATE Openness To Foreign Investment The Royal Thai Government maintains an open, market-oriented economy and encourages foreign direct investment as a means of promoting economic development, employment and technology transfer. Thailand welcomes investment from all countries and seeks to avoid dependence on any one country. Laws Governing Foreign Ownership The U.S.-Thai Treaty of Amity and Economic Relations of 1966 allows U.S. citizens and businesses incorporated in the U.S. or in Thailand that are majority-owned by U.S. citizens to engage in business on the same basis as Thais, exempting them from most of the restrictions on foreign investment imposed by the Alien Business Law of 1972. In return, Thais are extended reciprocal rights to invest in the U.S. and Thai business persons are eligible to receive U.S. visas as "treaty traders" and "treaty investors." Under the Treaty, Thailand restricts American investment only in the fields of communications, transport, fiduciary functions, banking, the exploitation of land or other natural resources, and domestic trade in agricultural products. Notwithstanding their treaty rights, many Americans choose to form joint ventures with Thai partners and allow them to hold the majority stake because of their familiarity with the Thai economy and local regulations. In the Uruguay Round negotiations, all parties agreed that the Treaty of Amity would be exempted from "most favored nation" (MFN) requirements for 10 years. During the coming 10 years, it is expected that Thailand will liberalize its investment regime, granting to all foreigners substantially the same privileges granted to American investors under the Treaty. There is no need for early action on the Treaty. However, if the Thai government moves to renegotiate or abrogate the Treaty, benefits currently enjoyed by both Americans and Thais may be eliminated, adversely affecting the investment climate. Under the Alien Business Law of 1972 (National Executive Council Announcement No. 281) non-Thais are permitted a maximum ownership stake of up to and including 49 percent in firms operating in certain sectors, including agricultural activities, certain manufacturing and food processing activities (especially those based on agricultural resources indigenous to Thailand), and most professional services. A revision of the Alien Business Law is currently under consideration by the Thai government, which aims to reduce the number of businesses reserved for Thai nationals and to generally liberalize the law. It is not clear when a revision of the Alien Business Law will pass Parliament. Other laws limit foreign ownership of companies listed on the Stock Exchange of Thailand at various levels between 15 and 65 per cent. American citizens are permitted to enter Thailand without a visa for visits up to 15 days. In order to apply for a work permit, a foreigner must enter Thailand on a non-immigrant visa which is issued at Thai embassies and consulates for a stay of three months or, for foreigners with well-defined work or business plans, for a stay of one year. Issuance of the three-month visa is usually completed within two or three days; the one-year visa requires approval from the Immigration Department in Bangkok. Upon obtaining a work permit, a holder of a three-month visa may apply for a one-year visa, which can generally be extended every year. Foreigners who hold non-immigrant visas and have lived in Thailand for at least three consecutive years may apply for permanent residence in Thailand if they meet strict criteria regarding investment or professional skills. The Alien Occupation Law of 1972 (Decree No. 322) lists the occupations reserved exclusively for Thais, which include professional services such as accounting, architecture, law and engineering, the manufacture of traditional Thai handicrafts, and manual labor. The law also states that all non-Thais working in Thailand, with limited exceptions, must possess a work permit issued at the discretion of the Ministry of Labor, although some foreigners already working in Thailand were exempted through a "grandfather" clause. The factors that influence the granting of work permits are the degree of specialization required by the position, the size of the firm in terms of number of employees and registered capitalization, and the ratio of Thai nationals to foreigners employed by the firm. Foreigners working for the Royal Thai Government or working for projects promoted by the Board of Investment usually have little difficulty obtaining work permits. Work permits in other areas are sometimes difficult to obtain, despite the fact that senior managers and technical personnel are in short supply. Non-Thai businesses and citizens are not permitted to own land in Thailand unless given permission by the Board of Investment or unless the land is on government-approved industrial estates. Petroleum concessionaires also may own land necessary for their activities. Many foreign businesses instead sign long-term leases and then construct buildings on the leased land. Non-Thais are allowed to own up to 40 percent of a condominium building, though other restrictions apply. Qualified legal advice is recommended for Americans planning to invest in Thailand. This is particularly important because Thai business regulations are governed predominantly by criminal rather than civil law. Violation of Thai business regulations can carry heavy criminal penalties and criminal liability can be assessed under 52 different laws. The Board of Investment (BOI), established through the Investment Promotion Act of 1977, is Thailand's central investment promotion authority. There are three categories of businesses in Thailand, Category A are businesses closed to aliens, Category B are closed to aliens unless promoted by the Board of Investment and Category C are open to all. There is often competition by one or more firms to win a BOI incentive package and approval for businesses in Category B and a losing firm is prohibited from investing in that type of project in Thailand. While foreign investment in Thailand for businesses listed in Category C does not require BOI approval, all other appropriate legal and licensing requirements must be followed. First, any entity wishing to do business in Thailand must register with the Department of Commercial Registration in the Ministry of Commerce. Firms engaging in production activities will need to register with the Ministry of Industry and the Ministry of Labor. The BOI lists over 125 different types of economic activities that are eligible for investment incentives. Some sectors, such as the manufacture of parts for engines, machinery, and electrical and electronic products, are eligible for all available incentives. In over 30 sectors, investment privileges have been suspended altogether due to the BOI's belief that there is no need to encourage further investment in that sector, such as the production of canned tuna for export. Generally, the most generous incentives are offered to those economic activities that bring new technology to Thailand. The BOI encourages investment in sectors and locations that help Thailand achieve its economic development goals by awarding a wide range of fiscal and other incentives to local and foreign investors. Potential investors whose projects meet any or all of the following criteria are eligible for BOI incentives: significantly strengthen Thailand's balance of payments position, especially through production for export; support the development of the country's resources; substantially increase employment; locate operations in provinces outside the Bangkok metropolitan area; conserve energy or replace imported energy supplies; establish or develop industries which form the base for further technological development, or are considered important and necessary by the government. In 1993 the BOI initiated a major shift in emphasis from export orientation to industrial decentralization as its major policy goal. This new policy is intended to spur development outside the Bangkok metropolitan area in the countryside where the population is employed primarily in the labor intensive agricultural sector, which accounted for only 12 percent of Thailand's GDP in 1993. During the period 1991-1993, BOI approved investment projects valued at $4.04 billion involving American firms. Board of Investment Incentives Tax incentives: Exemption or 50 percent reduction of import duties on imported machinery; reduction of import duties of up to 90 percent on imported raw materials and components; exemption from corporate income taxes for three to eight years and deduction (in case of loss) of annual loss from net profits carried forward for up to five years; and exclusion from taxable income of dividends derived from promoted enterprises during the income tax holiday. Permission: To bring in foreign nationals to undertake investment feasibility studies; to bring in foreign technicians and experts to work under promoted projects; to own land for carrying out promoted activities. Guarantees: Against nationalization; against competition by new state enterprises; against state monopolization of the sale of products similar to those produced by promoted firms; against price controls; against tax exempt import by government agencies or state enterprises of competitive products; and of permission to export. BOI benefits that offer the greatest advantage over unpromoted industries are the tax incentives, though their value has declined in recent years with the general reduction of import duties and elimination of the former business tax system. The value added tax (VAT) law, which eliminated the business tax system, has no provision for the BOI to offer VAT exemption or reduction. There are certain restrictions on eligibility for BOI benefits that link the minimum export level of a project to its minimum Thai shareholding level. For projects manufacturing mainly for the domestic market, Thai nationals must hold not less than 51 percent of the registered capital for the project to be eligible for BOI benefits. When at least 50 percent of the output is to be exported, foreign investors may be granted permission to hold a majority of the shares, and where 100 percent of production is to be exported, foreign investors may hold all of the shares. Additionally, for projects based on local resources (e.g., agriculture, animal husbandry, fisheries, mineral exploration and mining), Thai nationals must hold at least 60 percent of the registered capital. Investors must submit an application form along with supporting documentation to be considered for incentives. In most cases, the BOI decides within 60 days whether or not a project is eligible for investment privileges. Once a Promotion Certificate has been awarded, an investor must start construction within six months, import all machinery and equipment exempted from import duties within 24 months, and complete construction within 30 months. Conversion and Transfer Policies Thailand has a stable currency, the baht, which fluctuates little from its current exchange rate of roughly 25.0 - 25.5 to the dollar. Thailand has simplified reporting requirements and has removed most restrictions on the amount of foreign exchange and Thai currency that may be brought into the country. Repatriation of investment funds, dividends and profits, as well as loan repayments and interest payments thereon, may be made freely and promptly, net of all taxes. Foreign exchange is easily available from commercial banks. Expropriation and Compensation Private property can be expropriated for public purposes in accordance with Thai law which provides for due process and compensation. In general, U.S. firms have not had problems with expropriation in Thailand. Dispute Settlement In general, U.S. firms have not had any problems with either expropriation or nationalization in Thailand. Other disputes, such as enforcing property or contract rights, have been resolved through the Thai courts. In addition to using the Thai court system, companies may establish their own arbitration agreement. At present, however, Thailand is not a member of the International Center for the Settlement of Investment Disputes. Performance Requirements/ Incentives As discussed above, the Board of Investment may establish certain requirements in exchange for its incentives. These requirements may include linking the minimum export level of a project to its minimum Thai shareholding level or restricting investment to certain sectors or certain locations. As noted above, under the Amity Treaty Americans are restricted from being the majority shareholders in investments in the fields of communications, transport, banking, exploitation of land or other natural resources, and domestic trade in agricultural products. In addition, under the Alien Business Law, non-Thais are permitted a maximum ownership stake of not more than 49 percent in certain sectors, including agricultural activities, certain manufacturing and food processing activities, and most professional services. Foreign investors in most Thai companies in the financial sector, including banks, finance and security companies, and insurance companies, are limited to a 25 percent total foreign holding, although several companies have been "grandfathered" and allowed to have foreign participation well above this limit. Other laws also limit the percentage of foreign ownership in specific business undertakings, such as ownership of aircraft and vessels. Right to Private Ownership and Establishment Private entities may establish and own business enterprises. The principal forms of business organization under Thai law are sole proprietorships, partnerships, limited companies, and public limited companies. In addition, branches of foreign corporations are recognized and a "representative" or "liaison" office of a foreign company may receive special recognition. Irrespective of the form of the business entity, most businesses must apply for business registration. Establishment of a business in certain sectors by a foreign entity may be restricted by the Alien Business Law or the Amity Treaty discussed above. A Thai private limited company is similar to a corporation in the United States, and may be wholly owned by a foreigner unless the corporation is involved in a business activity reserved for Thai nationals. A public limited company is allowed to offer its share to the public. Numerous laws pertaining to individual industries limit foreign ownership of companies listed on the Stock Exchange of Thailand to as little as 15 per cent, though the limitation is generally higher. In a few cases, majority foreign ownership of listed companies is allowed by law. Protection of Property Rights Improved protection for U.S. copyright, patent, and trademark holders remains a prominent bilateral trade issue. Thailand has made significant progress in intellectual property protection in the past year and has committed to bringing its regulatory regime up to international standards and to continue vigorous enforcement. In recognition of this progress, Thailand's "Priority Foreign Country" designation under the Special 301 provisions of the Trade Act was removed in September 1993. USTR placed Thailand on the (lower level) Special 301 "Priority Watch List" pending the completion of improvements to the legal regime and continued enforcement. In 1992 Thailand passed new legislation that extended patent protection to pharmaceutical products and agricultural machinery and increased the term of patent protection to 20 years. However, the law did not provide protection for products already patented in other countries but not marketed in Thailand and gave an administrative board broad compulsory licensing powers. These provisions seriously reduce the benefits of the protection provided by the 1992 legislation, but the government is attempting to address these inadequacies through administrative means. Protection for copyrighted material is presently provided under the Copyright Act of 1978, which provides a term of protection extending 50 years after the death of the creator. However, the 1978 law grants no explicit protection for computer software, contains broad exceptions permitting copying, and provides minimal penalties for piracy. A new copyright law, which would address many of these concerns, was being considered by the Thai parliament in mid-1994, and the Thai government has said that it aims to bring its copyright regime into conformity with the intellectual property rights provisions of the Uruguay Round agreements and the Berne Convention. Thailand has also pledged to continue vigorous enforcement against copyright infringement. In addition to stepped-up activity by law enforcement agencies -- usually working with representatives of the affected industry -- the government has proposed establishing an independent intellectual property court with an aim of improving the capability of the Thai legal system to handle such cases. Trademarks registered in Thailand receive protection for a term of 10 years, and registrations can be extended for an unlimited number of additional 10 year periods. Amendments to the Trademark Act, effective in 1992, provide higher penalties for infringement and extend protection to service, certification, and collective marks. Infringement remains a serious problem, but U.S. companies which have established a presence in Thailand and have sustained cooperation with Thai law enforcement authorities have had some success in defending their trademarks. Regulatory System: Laws and Procedures In 1992, Thailand introduced a 7 percent value-added tax (VAT), replacing the previous multi-tier business tax that imposed 21 different tax rates depending on the product. For companies with annual turnover of between $24,000 and $48,000, the government instituted a 1.5 percent turnover tax as an alternative. Companies with annual turnover of less than $24,000 are exempt from the VAT. The VAT covers manufacturers, the service sector, wholesalers and retailers and most importers. Some businesses will not be subject to the VAT but instead will pay a specific business tax (about 2.5-3.0 percent in most cases) on their revenues. These businesses include banking, finance, securities, insurance, pawning and real estate. Companies selling securities on the Stock Exchange of Thailand pay only 0.1 percent rate. Almost all state enterprises are also subject to the VAT. Exporters are "zero-rated" but must still file VAT returns to receive rebates. Exemptions to the VAT include businesses involved in raw agricultural products (except logs), animals, fertilizers, newspapers, educational services, leasing immovable properties, and domestic transportation. The new tax measures also unified corporate tax rates at 30 percent of net profits for all firms. Previously, firms not listed on the Stock Exchange of Thailand paid a 35 percent marginal rate. The income tax withholding rate on both the payment of dividends and the remittance of after-tax profits was reduced to 10 percent. The tax rate on the payment abroad of income for companies not doing business in Thailand was reduced from 25 percent to 15 percent. The disposal of profits abroad is now defined to include amounts set aside for the payment or settling of a debt. It includes applications to convert or transfer abroad foreign currencies arising from the profits of the business. The new measures now favor companies which contribute to public welfare. These companies can now deduct up to two percent of net profit for contributions to authorized public charities, education and sports. In addition, companies are authorized to revalue their assets, which must still be depreciated at the same rate, but value increases will not be considered additional company income. Thailand reduced its highest marginal tax rate on personal income tax from 55 percent to 37 percent, effective January 1, 1992. In addition, the new regulations substantially increased the amount of personal deductions. In recent years, Thai governments have reviewed and restructured customs duties in some important areas. The import duty on machinery was lowered from 20-40 percent to 5 percent in 1990. In 1991, Thailand also reduced duties on new computer units and computer parts from 20 percent to 5 percent. Duties on automobiles with engines over 2300 cc were cut from 300 percent to 100 percent while duties on cars with smaller engines fell from 180 to 60 percent. Customs duties on automobile components for assembly in Thailand fell from 112 percent to 20 percent. Thailand also adjusted existing taxes and introduced new excise taxes to partially offset the expected loss in revenue from reduced customs duties and the implementation of the VAT. Products subject to the excise tax include automobiles, yachts, perfume, horse racing, tobacco, and large air conditioners. The Thai government also equalized excise taxes on imported and domestically-produced alcoholic beverages and playing cards to conform to Thailand's GATT obligations. Thailand has double taxation treaties with 26 countries including Australia, Austria, Belgium, Canada, Denmark, Finland, France, and Germany. Generally, these agreements eliminate or reduce tax liabilities for non-residents and foreign companies operating or investing in Thailand. Negotiations with Thailand for a double taxation treaty with the U.S. are ongoing, and may conclude in 1994. The framework for addressing Thailand's massive environmental problems on a national scale was established in 1992 with the passage of major legislation affecting all aspects of Thai industry and trade. Among the significant pieces of legislation passed were the Enhancement and Conservation of National Environmental Quality Act (NEQA), the Hazardous Substances Act and the Factories Act. While implementing legislation and enforcement procedures are lagging in many areas, it is anticipated that the current and future market for environmental goods and services will be significant. Thailand provided tax incentives to encourage the use of unleaded gas when it was introduced in 1991. Unleaded now accounts for more than 20 percent of all premium gasoline sales. In addition, Thailand passed regulations to reduce lead content in gasoline and ban leaded gas entirely by 1996. The Thai government's requirement of catalytic converters in all new automobiles was implemented in two stages beginning in January 1993. Efficient Capital Markets and Portfolio Investment In recent years, the Thai government has taken steps to modernize and deregulate Thailand's financial sector. Capital flows are increasing, with net capital movement into Thailand amounting to $11.6 billion in 1993, about 9 percent of GDP. As the government's policy of liberalizing financial markets continues, capital is increasingly allocated according to market forces. There are 15 domestic banks in Thailand and 14 foreign banks. Many other foreign banks have representative offices. The private sector has access to a variety of credit instruments through foreign and domestic lenders. Thailand has an active equities market, with issues traded on the Stock Exchange of Thailand (SET). At the end of 1993, the SET had 347 quoted companies. Market capitalization of the SET was $131 billion, nearly equal to Thailand's annual GDP. The debt market in Thailand is not well developed. Businesses have traditionally relied on loans from financial institutions, overdrafts and the equity market to mobilize funds. The Thai government is encouraging the development of a bond market through improved regulation, changes in tax policy and the establishment of an independent rating agency. Political Violence Thailand has a history of frequent changes of government, often via military intervention into the political system. A military coup in February 1991 was followed by political unrest in spring 1992, culminating in a tragic confrontation in the streets of Bangkok in May 1992, when over 50 civilian demonstrators were killed. The "May Events" were a real shock to the Thai political system, and seemed to have stimulated a remarkable democratic recovery. The current government under Prime Minister Chuan has devoted much effort to strengthening democratic institutions, including working with the military, long a force in Thai politics, to adopt an appropriate role in a post-Cold War world. Despite the changes in governments over the years, Thai policies have remained remarkably consistent, characterized by openness to the outside world, sympathy to the strategic objectives of the United States and the West, fiscal conservatism, and a preference to let the private sector do what it does best. There is no significant segment of the Thai political spectrum that disagrees with these policy fundamentals. For these reasons, Thailand's economy, and the confidence of the domestic and foreign private sectors, have shown consistent growth in recent years. Bilateral Investment Agreements The U.S.-Thai Treaty of Amity and Economic Relations of 1966, discussed above, allows U.S. citizens and businesses incorporated in the U.S. or in Thailand that are majority owned by U.S. citizens to engage in business on the same basis as Thais, exempting them from most of the restrictions on foreign investment imposed by the Alien Business Decree of 1972. Under the Treaty, Thailand is permitted to apply restrictions to American investment only in the fields of communications, transport, banking, the exploitation of land or other natural resources, and domestic trade in agricultural products. Thailand also has bilateral investment agreements with Germany, the Netherlands, the United Kingdom and China. These agreements establish guidelines for expropriation compensation and the repatriation of capital but do not include national treatment provisions. Labor The Thai labor force totals 33.1 million out of a 1993 population of 58.5 million, according to government estimates. This figure includes all Thai 13 years old and over who are actively seeking work. Approximately 9 million Thai over 13 -- students, housewives, and retired or disabled persons -- are considered outside the workforce. Unemployment for 1993 is estimated at 3.2 percent. Despite rapid growth in the industrial and service sectors, the Thai economy and the Thai work force remain traditional to a large degree. Official estimates show 60 percent of those employed still engaged in agriculture, either on a part-time or full-time basis. It is common for rural laborers to take jobs off the farm during slack periods in the planting and harvest cycle, or to carry on a small business in addition to farm work. The shift of workers from the agricultural sector is continuing; the proportion of those working the land continues to drop, especially in the Northeast where agricultural productivity is marginal. As a consequence, there is a constant flow of rural, generally unskilled Thai seeking work in Bangkok and the more industrialized regions, both as seasonal workers and on a permanent basis. This availability of migrant labor has contributed to Thailand's rapid industrial growth, particularly in the light manufacturing and construction sectors. The labor market for those with at least a secondary education is increasingly tight. Among highly-skilled and experienced engineers, technicians and managers, labor shortages are severe. Many multinational firms are bringing in expatriate professionals not to oversee and control investments, but because qualified local personnel are simply not available, even at high salaries. "Poaching" personnel in the hotel management, financial, computer and engineering industries is common. Thailand's education system is still geared toward the needs of a largely agrarian, traditional economy and society. The government has made great progress over the last two decades in providing basic education. Primary enrollment in Thailand is now almost universal, and the adult literacy rate is one of the best in the region. However, compulsory education is only through grade six. In 1993, Thailand had 725,000 students enrolled in public and private colleges and universities, including those studying in foreign countries, or about 8.5 percent of the 18-24 age group. The government is now working to provide compulsory education through grade nine, but there is a long way to go to prepare the Thai workforce for a modern, competitive, international economy. Any employer with 10 or more employees is required to specify the terms of employment. The normal work week is 54 hours for commercial workers and 48 hours for industrial workers, with overtime payable at 1-1/2 times the wage rate for any work in excess of these limits. In establishments where work is deemed dangerous or a risk to health or personal safety, working hours may not exceed 42 hours a week. All employees are entitled to six vacation days a year, in addition to the 13 holidays traditionally observed in Thailand. There is a Workman's Compensation Fund covering injury, sickness and death to which all businesses with 10 or more employees must contribute. The employment of children under the age of 13 is prohibited and there are restrictions on the employment of children through the age of 18. Further, the Social Security Act, which has been in effect since 1990, provides for employers with 10 or more employees to contribute 1.5 percent of the employees' wages for injury, sickness, disability, death and maternity. Additional employer contributions for old age pensions, family allowances and unemployment compensation may be required in the next few years. The labor relations climate in Thailand is generally peaceful with strikes relatively infrequent. Less than two percent of the total labor force is unionized; about 10 percent of the industrial workforce is organized. After the military coup in 1991, the new government enacted the State Enterprise Labor Relations Act abolishing public sector labor unions, which had been the backbone of the organized labor movement. Largely as a result of this, the AFL-CIO filed a petition with the U.S. Government to have Thailand's GSP privileges removed for violations of worker rights. The AFL-CIO petition also cited violations of workplace safety standards and abuse of child labor. The petition was still under review as of May 1994. Foreign Trade Zones/ Free Ports Thailand has seventeen export processing zones in which businesses may import raw materials and export finished products free of duty. In addition to these zones, any factory may apply for permission to establish a bonded warehouse within the factory to which raw materials, used exclusively in the production of products for export, may be imported free of duty. The Industrial Estate Authority of Thailand (IEAT) was responsible for the establishment of the first industrial estates in Thailand, including the major industrial estates of Laem Chabang Industrial Estate in Chonburi Province and Map Ta Phut Industrial Estate in Rayong Province. However, more recently the private sector has become involved in estate planning and there are now more than thirty privately owned industrial estates in operation or in the planning stages. Most of these estates have received promotional privileges from the Board of Investment. Capital Outflow Policy Thai investment abroad is rising rapidly. Thai companies have been generally investing in the U.S., Europe, Japan and some Asian countries. For example, Siam Cement has started a joint venture with an Italian firm to sell ceramic tiles in the U.S., Saha Union Company took over a thread-spinning mill in Georgia, Unicord bought Bumble Bee, and CP Group formed a joint venture with Chinese state enterprises to produce motorcycles. In addition, to obtain raw materials, Thailand has invested in China, Indonesia and the three Indochinese countries. In 1993, Thailand established an Export-Import Bank to finance credit for the sale of Thai products abroad. Major Foreign Investors Prior to the Plaza Accord in 1985 which had the effect of strengthening the yen against the dollar, the U.S. was the leading foreign investor in Thailand with approximately 30 percent of total investment. Japan followed with approximately 25 percent of the investment. The high yen forced Japanese manufacturers to re-locate production offshore, mainly in Southeast Asia. During the period 1989-1993, the Japanese have been the major investors in Thailand in every year except 1992. U.S. investment tends to be very concentrated within the top 25 U.S. firms. These firms alone account for at least 80 percent of U.S. investment in Thailand. Besides the U.S. and Japan, other major investors in Thailand include Singapore, Taiwan and Hong Kong. Embassy Support The Embassy in Bangkok is prepared to assist U.S. businesses interested in establishing commercial relations in Thailand. Business visitors to Bangkok are welcome to discuss commercial interests with appropriate Embassy personnel. The Embassy is located at 95 Wireless Road (tel: 66/2/252-5040). The U.S. and Foreign Commercial Service also has an office in Bangkok at the Diethelm Building, Tower A, 3rd Floor (tel: 66/2/255-4365, fax: 255-2915). In addition, the American Chamber of Commerce (AmCham) in Thailand continues to promote the interests of U.S. businesses and investors. AmCham has over 500 members, and is located at 140 Wireless Road, PO Box 11-1095, Bangkok, Thailand (telephone: 66/2/251-9266/7, fax: 66/2/255-2454).