T-AB November & December 2023 by amchamthailand

November & December 2023

T-AB

THAI-AMERICAN BUSINESS

INSIDE THIS ISSUE: THREE REASONS INCLUSIVE BENEFITS WIN THE WAR FOR TALENT AMCHAM RECOGNIZES CORPORATE SOCIAL IMPACT IN THAILAND AGM LUNCHEON WITH H.E. PRIME MINISTER SRETTHA THAVISIN TREE PLANTING AND RECEPTION: MARKING 190 YEARS

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DECEMBER 7

Contents LETTER 06

Executive Director

HIGHLIGHT GOVERNMENT ENGAGEMENT 08

PM Srettha Thavisin Invites US Businesses to Collaborate in Key Areas for a Sustainable and Inclusive Thailand

FEATURES 10

Three Reasons Inclusive Benefits Win the War for Talent

LEGAL UPDATES 14

Navigating Legal Challenges and Creating Effective Company Policies for the Use of ChatGPT in Corporations

The Fifth Amendment of TAI Arbitration Rules

SPECIAL UPDATES 18

A Letter from The Government Affairs Director’s Desk

AMCHAM HIGHTLIGHT 20 Tree Planting and Reception: Marking 190 Years of U.S. - Thai Diplomacy

Thai-American Business ISSN-T-A 0125-0191 November-December 2023

AMCHAM HIGHLIGHT AMCHAM Recognizes Outstanding 28 Corporate Social Impact in Thailand EVENTS 30

AI and the Next Generation of Leaders

Thai Tax on Foreign-Sourced Income

Financial Empowerment Through Knowledge: A Win-Win for Employees and Employers

The Governors’ Table @ Capella Bangkok

Navigating the Path - SMEs in Thailand’s U-Tapao Project and the EEC

Multi-Chamber ESB Networking

Digital Platform Services Decree – Will Your Business be Affected?

US Tax and FATCA Updates Webinar

Unlocking the Power of People Analytics - Measuring What Matters

The Governors’ Table @ JW Marriott Bangkok

GOVERNMENT ENGAGEMENT 22

Meeting with Eastern Economic Corridor Office of Thailand (EECO)

Welcomes USTDA’s Regional Manager for Collaborative Opportunities

Welcomes Executive Director Southeast Asia for the US Chamber of Commerce

AMCHAM, BoT, and BOI, a Unified Effort to Foster a Foreign Investor Ecosystem

Roundtable Meeting with TGO Executive Director

MEMBER NEWS 40

CHEP Accredited as a Top Employer in Thailand

NEW MEMBER 42

Welcome New Members

DISCOUNTS 44

AMCHAM Affinity Program

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www.chevron.com/sustainability

Letter from the Excutive Director Dear Members, AMCHAM BOARD OF GOVERNORS 2023 PRESIDENT Ornkanya (Mook) Pibuldham, Bank of America N.A.

VICE PRESIDENTS Arpaporn (Gift) Samabhandhu, Johnson & Johnson Deborah Seifert, Pfizer John Evans, Tractus

TREASURER Kaveepan Eiamsakulrat, The K.E. Group

SECRETARY Eliot Delunas, Nitro Labs

GOVERNORS Wiyada Srinaganand, 3M Jamie Brennan, Amazon Global Selling Chatit Huayhongtong, Chevron Simon Denye, Harmless Harvest Rachel Davidson, Hilton & DoubleTree Sukhumvit Bangkok Charles Blocker, IC Partners Aileen Chew, Mastercard

BOARD ADVISORS David Lyman, Tilleke & Gibbins AMCHAM President in 1975, 1986

EXECUTIVE DIRECTOR Heidi Gallant T-AB Magazine is a publication by The American Chamber of Commerce in Thailand. 101 True Digital Park, Griffin Building, Level 12A, Unit No.12A-06, Sukhumvit Road, Bangchak, Phra Khanong, Bangkok 10260 Tel: +66 (0)2 119 3350 www.amchamthailand.com

As we enter into the festive season, I am looking forward to seeing many of you at our traditional Holiday Eggnog Party on December 7th, to celebrate a year of successes and take a little break before diving into another busy year ahead. As I reflect on the year behind us, there is much to be grateful for. I am grateful to everyone who raised their hand to volunteer for committee and council leadership - this year, we have had a record number of members offering to serve. Our Board of Governors is currently considering all candidates and the full list of leaders for 2024 will be published following the Board Meeting in December. I am grateful for the dynamic member community that has driven strong member growth for yet another year, with a total of over 90 new members joining our network in 2023. We expect this trend to continue in 2024, meaning that AMCHAM will always be a community where you will see new faces and make new connections. As we wind down the year, we are also busy preparing for 2024, with over 100 events already on the calendar and more on the way. All Board Governors and Committee and Council leaders will convene on January 18th for our annual Strategy Session where we look ahead and set targets for the year. Our committees and councils are already holding planning meetings to prepare relevant programming for 2024.

Editorial Advisory Board: Heidi Gallant Editorial Team:

I wish you all a joyful holiday season and a prosperous 2024 to come!

Varsha Wadhwani, Gawinnart Phupianlert, Aphirak Klayna, Palatha Noojeen Any opinions expressed in articles in this magazine do not necessarily reflect the views of the Chamber. T-AB Magazine welcomes contributions from AMCHAM members. Articles may be reproduced with acknowledgement, except those taken from other sources.

Sincerely, Heidi Gallant Executive Director

HIGHLIGHT

PM Srettha Thavisin Invites US Businesses to Collaborate in Key Areas for a Sustainable and Inclusive Thailand

October 25 - Prime Minister Srettha Thavisin, also Thailand’s Minister of Finance, addressed distinguished members of the American Chamber of Commerce in Thailand (AMCHAM) at their recent AMCHAM Annual General Meeting (AGM). He shared his vision for Thailand, emphasizing key policy priorities: promoting foreign trade and investment, sustainable economic growth, infrastructure development, and elevating Thailand’s status as a premier tourism destination. 8

AMCHAM President Ornkanya (Mook) Pibuldham stated, “The US is a vital trade partner for Thailand. We’re optimistic about working with the new government to proactively represent Thailand internationally and attract foreign direct investment while fostering sustainable economic growth. AMCHAM looks forward to collaborating with the new administration and the Royal Thai Government to advance Thailand’s economy.”

During the meeting, Prime Minister Srettha Thavisin invited US businesses in Thailand to collaborate in three key areas: sustainability, creating synergies with partners, and growth through the digital economy. He affirmed his commitment to IPEF for building resilient supply chains and collaborating with the private sector to boost Thailand’s competitiveness. He stated, “My government will actively pursue diplomacy and connectivity with our partners on the regional and global level.” U.S. Ambassador to Thailand, Robert Godec also attended the event where the Prime Minister further stated, “As Thailand celebrates 190 years of US-Thai relations, we look forward to working together for advancing our common interests and prosperity for our people.” AMCHAM’s Executive Director, Heidi Gallant, expressed her gratitude for the Prime Minister’s

direct interaction with members and highlighted that “Prime Minister Srettha Thavisin’s discussions with the business community covered critical issues including incentives for foreign investors, strategies for advancing high-tech industries in the Kingdom, and adapting the healthcare system to support an aging society.” This significant event drew the participation of over 300 AMCHAM members who are business executives from the private sector, representing industries such as banking, FMCG, energy, healthcare, technology, hospitality, manufacturing, and various business services. The event was preceded by the AMCHAM AGM and New Member Orientation, where the new board governors for the 2024-25 term were announced and over 30 new members, who have recently joined the AMCHAM community, introduced themselves to the network. 9

FEATURES

Three Reasons Inclusive Benefits Win the War for Talent By Eva Liu and Brian Ching, WTW

There is huge potential in Asia Pacific for employers to differentiate themselves with employee benefits designed to address diverse employee needs. The 2022 Global Benefits Attitudes Survey discovered that when employees were are given the option of choice or flexibility in their benefits, more employees report that their benefits package aligns with their needs (Figure 1). Increasingly, employees are seeking to have their voices heard and to receive better support in their pursuit of a well-rounded sense of well-being — physically, emotionally, socially, and financially. Studies conducted across the Asia Pacific workforce have revealed that while employees in a similar life stage may share certain events and lifestyle choices, there are also unique circumstances that arise from shifts in employee behavior, economic forces, and sociocultural perceptions. Future-focused leaders recognize that employees do not enter the workplace entirely detached from their very personal concerns and needs. In fact, these factors can significantly influence career-related decisions for many employees. For example, with the increasing presence of women in senior positions and boardrooms, 10

menopause is poised to become a major issue for employers to address in the workplace. A recent UK survey revealed that 10% of women aged 45 to 55 left their jobs due to lack of employer support while experiencing menopausal 2 symptoms. Across Asia Pacific region, only 13% of employers currently offer healthcare provisions for perimenopause and menopause.3 Designing inclusive benefits demands long-term commitment from every level and every role in the organization, fostering awareness and continual education. Accomplishing this can reap three major advantages in terms of talent attraction and retention. Positive Employer Branding In some markets, organizations may feel compelled to take action due to diversity, equity, and inclusion (DEI) regulations, as is the case in countries like Australia, India and Japan, 4 that look into equitable practices within the workplace. However, responding hastily to shortterm reactions based on these reasons can lead DEI initiatives to falter quickly. Building a strong and positive employer branding in the DEI space should be based on an authentic

effort to shift the leadership mindset and consistently assess practices and policies to align employee preferences with their actual needs in a meaningful manner. Findings from research shows that employees place greater emphasis on family and caregiving support, while employers prioritize providing 4 health benefits, career development, and insurance benefits (Figure 2). 1 5 Employeespecific data insights can help organizations better understand how this applies to their workforce and enable them to provide support that aligns with the organization’s values, objectives, and work process. For example, employers could explore family forming healthcare coverage, including fertility treatment and adoption, and allow the use of caregiving leave not just for

childcare but also for the care of elderly relatives or sick pets. In fact, our survey found that approximately 20% of Asia-Pacific employers are interested in expanding medical coverage for fertility medicine or Assisted Reproductive Treatment (ART). 3 Increased Employee Productivity

Engagement

and

The Benefits Trends Survey reveals that seven in ten employers are facing challenges related to employee productivity and effectiveness. Additional research findings indicate that those employees who report issues across all well-being dimensions are twice as likely to feel burned out from their work and miss nine more days due to presenteeism (Figure 3), demonstrating that employee well-being can be a critical factor affecting employee productivity and engagement. 1 Inclusive benefits can improve different dimensions of employee wellbeing. By actively listening to employees and understanding their wants and needs, employers can gain valuable insights to incorporate into their benefits practices. For example, they can address the health of employee’s dependents, or employees can use paid time off (PTO) for significant life events. Employers can also support work from home and avoid presenteeism in the office. This in turn will encourage higher employee engagement and productivity. Value-Driven Benefits Cost Optimization Compared to two years ago, organizations in the Asia Pacific region have increased their provision of well-being resources and initiatives aimed 11

at helping employees have healthier lifestyles. However, these initiatives have resonated with less than half of employees in most countries – even less so with women, LGBT+, ethnic minorities, and low-income groups. 1 There is a way for employers to strike a balance that combines cost effectiveness and great employee experience. This can be possible through prioritizing inclusiveness in benefits design. Employers can focus on what truly matters to employees, thereby driving better decisions for cost optimization and greater appreciation of the benefits offered. Achieving this starts with identifying the role of benefits in the talent strategy and clearly articulating the goals and objectives of the benefits strategy. Conducting a benefit review will help pinpoint key gaps. When viewed through the lens of inclusiveness, employers can focus their benchmarking on specific benefits and then

Eva Liu is the Head of Strategic Development, Health & Benefits, APAC. She assists the business to drive specific strategic projects, as well as manage the critical area of Benefits Consulting and Advisory services.

leverage these insights to gain a competitive edge in the talent market. Across the Asia Pacific region today, more than a third of employers are actively developing DEI goals and objectives, and nearly 50% more are planning to do the same in the next two years. 6 These efforts can only be sustainable when done for the right reasons – not solely to cut costs, but more to optimize the value and impact of inclusive benefits for a long-term workforce strategy. References: 1 2022 WTW Global Benefits Attitudes Survey 3 2023 Inclusive Healthcare Questionnaire 4 Diversity Council Australia, India’s Business Responsibility and Sustainability Report (BRSR), Japan’s Corporate Governance Code 5 2023 WTW Benefits Trends Survey 6 Harvard Business Review

Brian Ching is the Regional Lead Consultant for the APAC Health & Benefits advisory team. He assists the business by developing, leading and delivering strategic client engagements and serving as strategic advisor to clients as the subject matter expertise.

LEGAL UPDATES

Navigating Legal Challenges and Creating Effective Company Policies for the Use of ChatGPT in Corporations By Andreas Richter and Ekkarat Ritthiplang, Blumenthal Richter & Sumet

Generative Artificial Intelligence, commonly referred to as "Generative AI," has ushered in a new era of technological advancement, enabling organizations to enhance employee productivity and rapidly generate vast amounts of information. One prominent application of Generative AI in the corporate world is the "Chat Generative Pre-Trained Transformer," or 'ChatGPT.' ChatGPT responds to text prompts in a conversational manner, making it a powerful tool for automating text-based interactions. Employees often embrace this tool independently, employing it for content creation, simulation development, and correspondence drafting. Irrespective of whether you manage a law firm or oversee a factory, a common curiosity prevails among individuals in the business community regarding the implications of ChatGPT's adoption in business. This article examines the legal concerns associated with ChatGPT use in corporations and proposes the development of effective company policies to address these concerns. A Negative Corporate Reception Surprisingly, a significant portion of global corporations, including Fortune 500 companies, are either contemplating or actively trying to prohibit the use of generative AI platforms like ChatGPT within their organizations. One primary concern revolves around the accuracy levels of these AI technologies. As generative AI and associated chatbots are still in their infancy, inaccuracies can arise from various sources, with the most significant being the use of erroneous data during the model’s initial 14

training phase. Relying solely on ChatGPT for tasks such as legal research or advice without lawyer review is ill-advised and can damage a company’s business and reputation, particularly in industries where trust and reliability are crucial. Additionally, disclosing trade secrets, confidential information, or personal data to AI platforms may violate data protection laws and breach attorneyclient privilege. Intellectual property issues further compound the complexity of imposing bans on ChatGPT. Determining ownership rights over content

confidentiality and privacy. Inputs should be limited to publicly available or anonymous information, with a prohibition on including confidential or potentially sensitive data. Employees should also be required to redact personal information by omitting it from the input. Conclusion

generated by ChatGPT for commercial use can lead to contentious debates about authorship and intellectual property. However, enforcing a blanket ban on ChatGPT is a challenging endeavor for several reasons. Research has demonstrated that when technology enhances productivity, employees tend to find ways to use it, even in the face of regulations. From a legal standpoint, fully enforcing and maintaining such a ban within a company would require constant monitoring of both company-issued and personal devices, which could infringe upon employees’ rights and privacy under laws like Thailand’s Personal Data Protection Act (2019).

ChatGPT and its related technology is having a profound impact on the corporate landscape and will continue to do so, for better or worse. It is the responsibility of management to harness and control this technology rather than resist it to maintain their corporations’ competitiveness. While new laws governing its use may be on the horizon, corporate leaders should act proactively by developing their own internal rules regarding ChatGPT usage. By doing so, they can strike a balance between innovation and risk mitigation in this ever-evolving technological landscape.

Development of a ChatGPT and Generative AI Policy Despite these risks, ChatGPT offers significant benefits for companies. Instead of outright banning its use, we recommend a morebalanced approach by implementing an appropriate-use policy. Here, we outline two crucial pillars of an effective policy: Expert Guidance: Corporations should appoint an expert, either internally or externally, to advise management on permissible areas of use for ChatGPT. The policy should include a clause stating that generative AI use will be monitored under a good faith standard, meaning employees must disclose and cite the tool to ensure work products meet predetermined standards. Guidelines for Input: Corporations should establish clear guidelines for the type of information that can be entered into ChatGPT. These guidelines are essential for mitigating risks related to

Andreas Richter serves as a Senior Partner. He is recognized as a trusted advisor to medium sized and large companies operating in SEA.

Ekkarat Ritthiplang is a Partner. He assists foreign companies in navigating Thailand’s regulatory landscape, including Board of Investment promotions, Foreign Business licenses, and US Treaty of Amity protection.

LEGAL UPDATES

The Fifth Amendment of TAI Arbitration Rules By Jedsarit Sahussarungsi, Herbert Smith Freehills

On September 19, 2023, the Thai Arbitration Institute, Office of the Judiciary (TAI) published the fifth amendment to its Arbitration Rules originally launched in 2017, in the Royal Gazette (the Fifth Amendment). The Fifth Amendment became effective on September 1, 2023, and unless otherwise agreed by the parties, is applicable to any arbitration proceedings commenced under the TAI Arbitration Rules on or after September 1, 2023. The Fifth Amendment is part of the TAI’s ongoing efforts to respond to the needs of international arbitration users and modernize its Arbitration Rules to align with widely recognized international arbitration practice. Previously in 2021, the TAI amended its Arbitration Rules to include appendix one that included expedited procedures for cases where (i) parties agree to conduct expedited proceedings; or (ii) for claims with amount lower than five million baht (approximately 135,000 US Dollars). The Fifth Amendment brings several small changes to further streamline arbitration proceedings under the TAI Arbitration Rules. 16

Here are the key changes introduced by the Fifth Amendment below. Language of Arbitration In the circumstances where the arbitration agreement does not specify the language of arbitration as Thai or English, or when the statement of claim is not in Thai or English, the claimant is required to provide a Thai translation when submitting the statement of claim to the TAI. This allows the commencement and the conduct of arbitration proceedings under the TAI Arbitration Rules in languages other Thai or English, such as Chinese Mandarin, Japanese, French, and more. Indirectly, the Fifth Amendment confirms that the TAI can operate bilingually (in both Thai and English) and Thai translation of documents (at least the statement of claim and statement of defense and counterclaim) is not required if the language of arbitration is English. From the cost’s perspective, the Fifth Amendment is considered a positive change as the parties will not bear the burden and costs of translating

English documents into Thai for the arbitral tribunal or the TAI. Expert Evidence Another significant change involves the tribunal’s authority to order experts from the same discipline to give evidence concurrently, known as hot tubbing, at any stage of the arbitration proceedings (for example, after experts testify sequentially). While it is commonly noted that the TAI Arbitration Rules are based on Thai court’s civil procedural rules, where hot tubbing of experts is unheard of, the Fifth Amendment sets apart the arbitration proceedings under the TAI Arbitration Rules from the Thai court proceedings by incorporating a common-law-style hot tubbing of experts into the TAI Arbitration Rules. As a result, this positions the tribunal in a more advantageous position to explore and identify areas where the experts can reach consensus and to understand the areas of disagreement, including the underlying reasons for them. Costs Awards The Fifth Amendment grants the tribunal the authority to issue a costs award that determines the allocation of costs among parties. Such costs under the TAI Arbitration Rules include fees of the parties’ assistants or representatives involved in the proceedings. In accordance with international norms, the Fifth Amendment outlines relevant factors for the tribunal to consider when apportioning costs among the parties. These factors include the parties’ efforts in conducting arbitration proceedings in an efficient manner, relevant circumstances, and good faith in conducting arbitration proceedings, the complexity of issues resolved, the time spent in the

proceedings, and the need for expert evidence. If the tribunal does not specify the cost allocation in the award, the default rule is that each party will equally share the incurred costs, following the American Rule. According to the Fifth Amendment, the tribunal is also authorized to determine interest on deposits placed with the TAI, which covers arbitrator(s) fees and expenses in the arbitration proceedings. Conclusion The Fifth Amendment introduces minor changes to the TAI Arbitration Rules aimed at improving the accessibility of arbitration proceedings for non-Thai or non-English speakers and improving the quality of expert evidence. It also provides greater clarity regarding the tribunal’s authority to issue a costs award and the relevant factors that the tribunal must consider when issuing costs award. Most importantly, the clarification on costs award in the Fifth Amendment goes hand in hand with the decisions of the Thai Supreme Court (in the past five years) which enforced costs awards under major institutional rules. The Fifth Amendment is therefore considered a positive change to the Arbitration Rules of the TAI, which is an arbitration institution that has been operating in Thailand for almost 35 years.

Jedsarit Sahussarungsi assists domestic and international clients with pre-litigation, litigation and post-litigation strategies, including those involving civil and criminal proceedings.

SPECIAL UPDATES

A Letter from the Government Affairs Director’s Desk Dear Members, It has been nearly a year since I joined AMCHAM, and I am truly grateful for the opportunity to serve as your Government Affairs Director. Working alongside council and committee leaders has been rewarding. I would like to provide a brief overview of Government Affairs activities in 2023. We have had 78 fruitful engagements which included 45 government entities and 33 key partner organizations. We have also published five recommendation letters and policy papers addressing various pressing issues. This level of achievement would not have been possible without our member’s advice, guidance and support. Thank you. We have had several successful government engagements. On Sept 19, AMCHAM provided collective recommendations to the Director General of Customs Department. These included simplifying and digitizing cross-border clearance and the national single window, updating on interdepartmental data exchange, and providing clear guidelines for transfer pricing adjustments. Oct 25, H.E. Prime Minister Srettha Thavisin addressed members at the Annual General Meeting (AGM) on Thailand’s interest in collaborating with US businesses in three key areas, including sustainability, creating synergies with partners, and growth through the digital economy. He also emphasized the government’s commitment to strengthening connections with partners at both regional and global levels. Oct 26, Dr. Cholachit, Assistant Secretary General of the Eastern Economic Corridor (EEC) Office (EECO) provided clarification on foreign ownership of land within the EEC, distinguishing authorities from the Board of Investment (BOI), and outlining EECO coverages and benefits. More details are available on AMCHAM’s MIC. Nov 1, AMCHAM and the Environmental, Social, and Governance (ESG) Council leaders met with 18

Mr. Kiatchai, Executive Director of Thai Greenhouse Gas Management Organization (TGO), revealing that the forthcoming second draft of the Climate Change Act will be released for public hearing soon. The organization is also tasked to take a lead on the 2050 Carbon Neutrality and 2065 Net Zero program. Recently, Prime Minister Srettha Thavisin appointed Dr. Tongthong Chandransu to lead the Ease of Doing Business Committee, with a focus on addressing regulations that hinder businesses. AMCHAM is already in contact with his team at the Office of the Public Sector Development Commission (OPDC). To effectively support the committee, I encourage feedback from our members on regulations that impact the ease of doing business. I’m open to arranging a call to discuss this further and hear your perspectives. Thailand is gaining positive momentum, and with your continued support, I am confident AMCHAM will continue to increase our engagement with the new administration to the benefit of our members. Jen Meckhhaya Government Affairs Director

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HIGHLIGHT AMCHAM HIGHLIGHT

Tree Planting and Reception: Marking 190 Years of U.S. - Thai Diplomacy

November 8 - The American Chamber of Commerce in Thailand (AMCHAM) collaborated with the Bangkok Metropolitan Administration (BMA) and the U.S. Embassy to celebrate 190-years of U.S.-Thai diplomatic relations at Suan Mokkh Bangkok. The event marked an eco-friendly commitment to support the Bangkok Governors’ One Million Trees project. AMCHAM President Ornkanya (Mook) Pibuldham congratulated the Bangkok Governor for already planting 700,000 trees within the year. She said, “AMCHAM’s priority is a safe and healthy environment, planting trees and other activities with the BMA align with our mission to give back to the community.” She underscored the active community involvement of AMCHAM members, including their volunteering work at the Saturday School program, donations of over 280 laptops to the Sustainable Digital Classroom, and readiness to support the BMA’s healthcare center through training programs. H.E. Robert Godec, U.S. Ambassador to Thailand acknowledged the long-standing diplomatic relationship and the 60th year anniversary of 20

the sister-cities a partnership between two capitals, Bangkok, and Washington D.C. He stressed that the tree planting activity signifies a step in the fight against climate change and in improving the lives of people in Thailand. H.E. Nitivadee Manitkul, Ambassador Attache to the Ministry of Foreign Affairs, highlighted the enduring Thai-US relationship, dating back to the 1833 Treaty of Amity and Commerce. She emphasized that just like a tree, our partnership has branched out into diverse collaborations, providing shade and bearing fruit in the form of economic, peace, and security benefits. This enduring bond is built on the strong people-to-people connections that withstand the test of time. Mr. Chadchart Sittipunt, Bangkok Governor, conveyed that BMA is actively working on transforming Bangkok into a more livable city to attract foreign skilled workers. The event was sponsored by AMCHAM members Agoda, Amazon, Johnson & Johnson, Mastercard, and Netflix.

HIGHLIGHT GOVERNMENT ENGAGEMENT

Meeting with Eastern Economic Corridor Office of Thailand (EECO)

On October 26, AMCHAM Executive Director Heidi Gallant along with AMCHAM Board Governors Wiyada Srinaganand of 3M Thailand, Jamie Brennan of Amazon Global Selling Thailand, John Evans of Tractus, and Committee Leaders Tipwadee Thaisiri of Chevron, Poranee Kongamornpinyo of Dow Thailand Group, and AMCHAM’s Government Affairs Director Jen Meckhayai, welcomed delegates from the Eastern Economic Corridor Office of Thailand (EECO) led by Dr. Cholachit Vorawangso Virakul, EECO’s Assistant Secretary General. EECO and AMCHAM discussed potential collaboration opportunities for Thailand’s bio-circular-green economy and environmental, social, and governance (ESG) related investment promotion, ease of doing business for targeted industries in the EEC area, customized investment incentives for investment in EEC, and progress on infrastructure projects in EEC. 22

HIGHLIGHT GOVERNMENT ENGAGEMENT

USTDA’s Regional Manager for Collaborative Opportunities

On October 26, AMCHAM Executive Director Heidi Gallant, met with the recently appointed Regional Manager for Southeast Asia and the Pacific at the US Trade and Development Agency (USTDA), Kevin Toohers. The meeting covered important topics, including USTDA’s initiatives and projects in critical sectors such as healthcare, environmental, social, and governance (ESG), and digital infrastructure. Furthermore, the dialogue explored possibilities for future collaboration between AMCHAM and USTDA.

Executive Director Southeast Asia for the US Chamber of Commerce

On October 27, AMCHAM Executive Director Heidi Gallant met with Executive Director, Southeast Asia John Patrick Goyer, of the US Chamber of Commerce at the AMCHAM Thailand office. The meeting covered important discussion points such as AMCHAM’s government affairs and advocacy initiatives in the Southeast Asia region, strengthening partnerships between AMCHAM and trade associations in Southeast Asia, and upcoming international advocacy forums. 24

AMCHAM, BoT, and BOI, a Unified Effort to Foster a Foreign Investor Ecosystem

On November 7, AMCHAM collaborated with the Board of Trade of Thailand (BoT) and the Board of Investment (BOI) to host a dinner talk titled Is Thailand Ready to Attract Foreign Investment in 2024? This event showcased AMCHAM, BoT and BOI as valuable resources for investors and key facilitators in the Foreign Investment Ecosystem. The interactive discussion revolved around the future of Foreign Direct Investment (FDI) in Thailand, along with challenges and opportunities. Sanan Angubolkul, Chairman of the Thai Chamber of Commerce, and the Board of Trade of Thailand highlighted AMCHAM’s role in strengthening economic relations between the United States and Thailand and stated “The US is considered a key strategic partner in Thailand’s economic growth. AMCHAM has been instrumental in fostering economic ties between the two nations.” During the panel discussion, led by Shawn Crispin, Southeast Asia Editor of Asia Times, Narit Therdsteerasukdi, Secretary-General of The Board of Investment stated that “US is one of the top five major investors in Thailand” and outlined key reasons why Thailand serves as a gateway to ASEAN and Asia. These

include comprehensive infrastructure, digital advancements, robust supply chain, market access, government support, green transition policy, and safety and resiliency. Kasemsit Pathomsak, Vice Chairman of the Board of Trade of Thailand, emphasized Thailand’s strategic importance as the epicenter of ASEAN, which is becoming more prominent, driven by a trend of diversifying supply chains due to geopolitical tensions. AMCHAM President Ornkanya (Mook) Pibuldham, Chief Country Officer of Bank of America, shared that AMCHAM regularly engages with investors through the BOI, industrial estates, referrals from members and through AmChams in the region. She underscored the importance of a strong Chamber of Commerce in boosting investor confidence and the central role AMCHAM plays in providing these essential insights to investors exploring opportunities in Thailand. The event drew a large crowd of AMCHAM members, foreign and local business community executives, and government officials. AMCHAM, the BOT, and the BOI stand ready to serve as primary contact points and resources, ensuring investors a seamless entry into the Thai market. 25

HIGHLIGHT GOVERNMENT ENGAGEMENT

Roundtable Meeting with TGO Executive Director

On November 1, 2023, AMCHAM’s Vice President Arpaporn (Gift) Samabhandhu, AMCHAM Board of Governors, and AMCHAM ESG Council leaders, met with the Executive Director of the Thailand Greenhouse Gas Management Organization (TGO), Mr. Kiatchai Maitriwong. During the meeting, AMCHAM participants gained valuable insights into the roles of TGO in addressing climate change and reducing carbon emissions, TGO’s educational programs designed to help businesses understand carbon reduction methodologies, the government’s efforts to streamline processes related to Carbon Tax, Carbon Credit, and greenhouse gas emissions. Mr. Kiatchai warmly welcomed further collaboration between TGO and AMCHAM for COP28, Climate Action Leader Forum, and more. AMCHAM expressed its commitment to supporting the government in achieving a lower carbon future. This support would involve providing resources to enhance the effectiveness of regulatory processes, sharing best practices, and contributing to capacity building. 26

HIGHLIGHT AMCHAM HIGHLIGHT

AMCHAM Recognizes Outstanding Corporate Social Impact in Thailand

November 21, Bangkok- The American Chamber of Commerce in Thailand (AMCHAM) recognized the significant contributions of 98 member companies to Thai society and environment by honoring them at the 2023 AMCHAM Corporate Social Impact Awards, a prestigious recognition program previously known as the AMCHAM Corporate Social Responsibility (CSR) Excellence Awards. The awards ceremony was presided over by key dignitaries, including U.S. Ambassador to Thailand Robert Godec, Thai Trade Representative Dr. Nalinee Taveesin, and Mrs. Jatuporn Rojanaparnich, Director-General of the Department of Social Development and Welfare (DSDW), Ministry of Social Development and Human Security. Ambassador Robert Godec personally presented certificates of excellence to each company, acknowledging their dedication to sustainability and the betterment of society. “These awards are a measure of the great work American firms are doing here in Thailand – programs that support and contribute to their workforce, their communities, and society.” 28

The AMCHAM Corporate Social Impact Awards formerly known as the AMCHAM CSR Excellence Awards, has been the cornerstone of corporate social responsibility in Thailand for over 15 years, raising the bar for CSR practices in Thailand. The program highlights the commitment of AMCHAM members to long-term societal objectives and sustainable value creation, aligning these initiatives with employee engagement and corporate intentions. To reflect the evolving landscape of CSR, this year’s awards have been renamed to reflect the broader, more integrated sustainability efforts with a focus on impact embraced by businesses across their operations. Member companies received recognition at various tiers for consecutive years of achievement, with Silver for 3 consecutive years, Gold for 5 consecutive years, and Platinum for 10 consecutive years. This year 29 AMCHAM members received awards for more than ten years of consecutive corporate social impact. In addition, three companies received special awards for their individual corporate social impact projects:

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Amazon Global Selling won The Ambassador’s Award for their project Empower Her E-Commerce This program upskills women entrepreneurs in northern Thailand, training them in e-commerce, digital and marketing skills. Presented by U.S. Ambassador Robert Godec, this award recognizes a project supporting innovation and economic competitiveness through upskilling, with a particular focus on women and girls. Indorama Ventures won the Thai Development Award for their project PET Bottles for a Better Tomorrow. This program promotes waste separation in local communities and recycles PET water bottles into highquality yarns. Presented by Thai Trade Representative Dr. Nalinee Taveesin, hisaward honors a company that fosters sustainable development in alignment with the principles of the BioCircular-Green (BCG) Economic Model. L’Oréal Group in Thailand won the Corporate Social Impact Excellence Award for their project Beauty for a Better Life. This program provides a free vocational hair dressing course which allows vulnerable populations to gain a stable income and a new

career pathway. Presented by Mrs. Jatuporn Rojanaparnich, Director-General of the Department of Social Development and Welfare (DSDW), Ministry of Social Development and Human Security, this award is given to a company that nurtures an inclusive society by embracing diversity to reduce inequality. “The AMCHAM business community continues to collaborate with Thai society in the areas of sustainability, promoting diversity and equity in their workplaces, and investing in upskilling and technology expertise to achieve the highest corporate standards.” said AMCHAM Vice President Deborah Seifert of Pfizer. The AMCHAM Corporate Social Impact Awards takes place in autumn each year. AMCHAM is proud of what members do to give back to the Kingdom and Thai society, making the business and social environment better for all. Throughout the year, the AMCHAM Corporate Social Impact Committee shares best practices with the membership, providing support and resources for member companies who are developing or improving their corporate social impact strategies.

EVENTS Young Professionals Committee

AI and the Next Generation of Leaders – Oct 10 Organized by: Young Professionals Committee Speakers: Prae Dumrongmongcolgul of Meta Thailand and Dhanawat Suthumpun of Microsoft Thailand Moderator: Navarerk (Boat) Kaewphakdee of Bank of America Event Highlights: AMCHAM Young Professionals Committee jointly with BCCT Young professionals hosted an engaging discussion on AI and the evolving landscape of leadership. The speakers shared insights on current AI trends, the impact of AI on leadership, and provided real-world examples for a deeper understanding to help aspiring leaders equip themselves for a future driven by AI. The attendees also had an opportunity to connect, expand their network, and forge valuable connections with a diverse group of professionals who share their passion for AI innovation and leadership.

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EVENTS Tax Committee

Thai Tax on Foreign-Sourced Income – Oct 4 Organized by: Tax Committee Event Highlights: The webinar provided information on the recent Revenue Department Notification (Por 161/2566), issued on September 15, 2023, which prescribes a tax levy on foreign-sourced income and discussed its implications. The AMCHAM Tax Committee leaders provided insights on what the regulation means and how it can potentially affect members. Moreover, an interactive question-and-answer session was facilitated, giving attendees a platform to seek clarity on the notification.

Manufacturing Committee

Financial Empowerment Through Knowledge: A Win-Win for Employees and Employers – Oct 19 Organized by: Manufacturing Committee Speakers: Lyn Kok of MULA-X Moderator: Frank Timmons of Tractus Thailand Event Highlights: The AMCHAM Manufacturing Committee organized an event featuring Lyn Kok, Founder of the fintech digital lending platform business MULA, who delved into the financial challenges faced by Thailand employees, despite rising wages and low unemployment rates. The discussion included topics such as balancing income and expenses for employees, the tools, and resources to support both employees and employers, and the goal of creating a sustainable employment experience. 32

AMCHAM Signature Event

The Governors’ Table @ Capella Bangkok – Oct 19 Hosts: Jamie Brennan of Amazon, Charles Blocker of IC Partners, Piangruetai Sivaratana of Seagate Technology, and Kaveepan Eiamsakulrat of The KE Group. Event Highlights: The AMCHAM Board Governors hosted AMCHAM members at the Governors’ Table, where top executives had the opportunity to connect over a leisurely dinner. AMCHAM members enjoyed the networking experience within the business community at Capella Bangkok.

EVENTS Aerospace Council

Navigating the Path - SMEs in Thailand’s U-Tapao Project and the EEC – Oct 27 Organized by: Aerospace Council Panelists: Matthew Gaudion of Qarbon Aerospace, Todd Siena of Block Aero Technologies Holdings, and Barry Crawford, Director, Triumph Aviation Services Moderator: Frank Timmons of Tractus Thailand Event Highlights: AMCHAM Aerospace Council hosted the Navigating the Path - SMEs in Thailand’s U-Tapao Project and the EEC event at Holiday Inn Pattaya. During the event, the panel discussed specific topics such as the outlook of the Thailand Aerospace industry, the advantage of maintenance, repair, and overhaul (MRO) in the EEC, the Aviation Technical Zone 539 rai (ATZ), and more. Additionally, the speakers delved into the critical role of Small and Medium Aerospace Enterprises (SMEs) in Thailand’s U-Tapao International Airport Expansion Project and the broader Eastern Economic Corridor (EEC). The event was sponsored by Amazon Global Selling and WHA Group. It was followed by the Multi-Chamber Eastern Seaboard Networking hosted by AMCHAM.

Joint Chamber

Multi-Chamber Eastern Seaboard Networking Hosted by AMCHAM On October 27, 2023, the American Chamber of Commerce in Thailand (AMCHAM) hosted the Multi-Chamber Eastern Seaboard Networking event at the Holiday Inn Pattaya, with the generous support from AMCHAM members Amazon Global Selling and WHA Group. The event was organized by AMCHAM in cooperation with AustCham, BCCT, BeLuThai, CanCham, FTCC, GTCC, ITCC, NTCC, SATCC, STCC and TTBA. It offered members from Bangkok and the Eastern Seaboard a valuable opportunity to expand their networks and establish business connections. AMCHAM Executive Director Heidi Gallant stated, “It was an amazing opportunity for members of participating Chambers to connect and network oin the Eastern Seaboard. Special thanks to our sponsors, Amazon Global Selling and WHA Group for making the event a huge success.” Prior to the networking event, AMCHAM’s Aerospace Council hosted the Navigating the Path - SMEs in Thailand’s U-Tapao Project and the EEC event, moderated by Frank Timmons, Sr. Manager of Tractus. During the event, the panelists Matthew Gaudion of Qarbon Aerospace, Todd Siena of Block Aero Technologies Holdings, and Barry Crawford of Triumph Aviation Services delved into the critical role of Small and Medium Enterprises (SMEs) in Thailand’s U-Tapao International Expansion project and the broader Eastern Economic Corridor (EEC).

EVENTS Digital Economy Committee

Digital Platform Services Decree – Will Your Business be Affected ? – Nov 1 Organized by: Digital Economy Committee Speaker: Dr. Saliltorn Thongmeensuk of Thailand Development Research Institute (TDRI) Moderator: Peter Fischbach of ISM Technology Recruitment

Users (AMAU), the deadlines for each platform to notify business operations to Electronic Transactions Development Agency (ETDA), plans and measures for safeguarding users in the event of business cessation, specific responsibilities for offshore service providers, and additional obligations for large platforms.

Event Highlights: The AMCHAM Digital Economy Committee organized an informative webinar featuring Dr. Saliltorn Thongmeensuk, Research Fellow, Thailand Development Research Institute (TDRI). Dr Saliltorn delved into the background, concept, implications, and legal obligations related to the digital platform royal decree and relevant regulations. The discussion also included topics such as the criteria for calculating Average Monthly Active

Tax Committee

US Tax and FATCA Updates Webinar – Nov 10 Organized by: Tax Committee Speakers: Josh Maxwell of Hone Maxwell LLP, Matthew Stevens of Global US Tax Plan Limited Event Highlights: On November 10, the AMCHAM Tax Committee organized a detailed tax briefing tailored for US citizens residing overseas and individuals with US tax filing responsibilities. Matthew presented several intriguing Supreme Court precedent cases, including rulings from the Tax Court, while Josh discussed key takeaways from these cases and highlighted ongoing trends in IRS enforcement.

EVENTS HR Committee

Unlocking the Power of People Analytics - Measuring What Matters – Nov 2 Organized by: HR Committee Panelists: Wanchalerm Siriphand of Pragma and Will Group (PWG), Denchai Petchamarat of Kasikorn Business Technology Group (KBTG), Nitithus Upatumvipanon of Workday Moderator: Jarospong Suvaranasuddhi of Agoda Event Highlights: HR Committee hosted a session on Unlocking the Power of People Analytics – Measuring What Matters introducing the knowledge and tools used to harness the power of People Analytics.

During the discussion, guest speakers drew from their extensive consulting expertise and shared valuable insights and practical knowledge on the fundamentals of data utilization in HR, core principles, and benefits, as well as how to seamlessly integrate HR metrics and data into the employee life cycle. This event provided attendees with a comprehensive understanding of the transformative potential of People Analytics in HR. The panelists offered practical insights and best practices, empowering HR professionals to make data-informed decisions that drive organizational success.

AMCHAM Signature Event

The Governors’ Table @ JW Marriott Bangkok – Nov 16 Host: Rachel Davidson of Hilton and Doubletree Sukhumvit Bangkok, Wiyada Srinaganand of 3M Thailand, and Simon Denye of Harmless Harvest Event Highlights: AMCHAM Board Governors welcomed members to the Manhattan Bar at JW Marriott for the November Governors’ Table dinner, where participants enjoyed a convivial evening of networking.

MEMBER NEWS

CHEP Accredited as a Top Employer CHEP, a global leader in supply chain solutions, has been certified as a Top Employer in Thailand for the first time by the Top Employers Institute, a global certifier recognizing excellence in employee conditions. This year, CHEP, as part of the Brambles Group, was among only 15 organizations to receive the Global Top Employer certification, which is awarded to companies demonstrating outstanding HR policies and practices worldwide. The Top Employers Institute programme certifies organizations based on the participation and results of their HR Best Practices Survey. This survey covers six HR domains consisting of

20 topics including people strategy, work environment, talent acquisition, learning, diversity and inclusion, well-being and more. In 2022, CHEP achieved 33% of women in management roles globally and reached 40% female representation on its Board. Following an increased focus employee health, safety and wellbeing, the company recorded an 18% improvement in its Brambles Injury Frequency Rate (BIFR) performance, reflecting the targeted efforts to reach Zero Harm across global operations with the rollout of its Safety-First roadmap. Globally, CHEP has been recognized as a Top Employer in 25 countries.

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Promotion Period : 1 Nov 2023 – 9 Jan 2024

NEW MEMBERS

Welcome New Members CORPORATE MEMBERS Ad Lib Hotel Khon Kaen, the newly opened hotel in Khon Kaen’s city center offers 120 key rooms made of sustainable, natural, and modern materials. Each room is designed to reflect the Isan charm and flair. They have three restaurants with a wide variety of local and international cuisines and flavors to choose from.

Huneety is a HRTech platform that has been active in Thailand and Indonesia since 2021. It helps match skilled workers with recruiting companies. The start-up utilizes AI and proprietary skill-matching algorithms to help companies discover the most relevant candidates, even if they operate outside of their industry.

Ingredion is a leading global ingredients solutions company. They make sweeteners, starches, nutrition ingredients and biomaterials that are used by customers in a diverse range of everyday products, spanning from foods and beverages to paper and pharmaceuticals.

Since 1986 the Kodanmal Group has been at the forefront of exporting Thai food products to the world including to the USA. Located in the heart of Bangkok, Kodanmal maximizes relationships with key industry partners in food production, sourcing, and arranging logistics for the benefit of their clients globally.

Logistics Plus, Inc. (LP) is a 21st Century Logistics Company™ and a leading worldwide provider of transportation, warehousing, fulfillment, global logistics, business intelligence, technology, and supply chain solutions. Jim Berlin founded the company over 25 years ago in Erie, PA. Today, Logistics Plus has annual global sales of over 500 million US dollars and over 1,200 employees across more than 50 countries worldwide.

October 2023 Taboola powers recommendations for the open web, helping people discover things they may like. The company’s platform powered by artificial intelligence is used by digital properties such as websites, devices, andmobile apps, to drive monetization and user engagement.

Established in 1984, the ELC Family of International School’s belief that ‘a child’s joy of learning is the measure of our success” is reflected in the optimism their children feel about the process of learning.

Vero is an award-winning communications consultancy advising some of the world’s leading brands, corporations, and non-profit organizations across Southeast Asia.

Crossover Solutions is a leading manufacturing consultancy firm specializing in providing comprehensive manufacturing and management consulting services to clients across the globe. They are manufacturing focused across automotive, aerospace and defense, consumer products, electronics, food and beverage, medical devices, mining, oil and gas, pharmaceutical, and pulp and paper industries.

“ Corporate Membership is available to all companies registered in Thailand. If you are interest in joining AMCHAM Community, please contact us at mew@amchamthailand.com “

AFFINITY PROGRAM

AMCHAM Member-To-Member Offers

Pfizer hands over a first-aid center to Baan Ma Ngang School and the community in Satun Province

Deborah Seifert, Country Manager of Pfizer Thailand/Indochina, and Pfizer Thailand Foundation (PTF) Chairperson led a group of PTF board members and colleagues to hand over one Pfizer’s first-aid center to Baan Ma Ngang and the community in Tung Wha District, Satun, a province in the South of Thailand.

In addition, PTF together with the partner World Vision Foundation of Thailand jointly organized Herbal Product Workshop for 60 students from Baan Ma Ngangschool and Baan KhonKlan school to teach them how to utilize herbal plants according to Southern Thailand local wisdom. The workshop covered herb growing, making herbal snack, herbal drink and herbal mosquito repellent spray. Pfizer colleague volunteers also educated the students about Dengue fever, its cause and symptom as well as the prevention. Together, students and volunteers made the mosquito repellent spray from lemongrass, bergamot fruit skin, holy basil and Thai basil. Our classes were full of laugher and joy. During the two hours of training and workshop, the students immensely enjoyed their quiz competition to win prizes. A great deal of cute stationery and toys donated by Pfizer’s colleagues brought bright smile to everyone.

“I am always overjoyed to hand over our first-aid centers to those in-need schools and communities in remote areas, and to see the smiling faces of the primary students. I could tell how much joy and fun they had with our volunteer colleagues during their learning activities, and they were very sweet and curious to get to know and interact with me as a rare foreign visitor to their community.

Deborah Seifert

“

The Pfizer Thailand Foundation’s mission is to help build healthier communities around the Kingdom of Thailand. By early 2024, Pfizer Thailand Foundation will completely hand-over all 10 units to schools and communities across Thailand as planned and will continue to work with its partner to deliver greater things for the better health and wellbeing of communities and underprivilege populations in the country. Breakthroughs that change patients’ lives

industrial city in ASEAN AMATA Smart and Eco City Natuey

CHINA

AMATA Smart and Eco City Namor

VIETNAM AMATA City Ha Long

MYANMAR LAOS AMATA Smart and Eco City Yangon

Quang Tri (upcoming) Yangon

THAILAND AMATA City Chonburi 2

CAMBODIA

AMATA City Chonburi

AMATA City Bien Hoa

Phnom Penh

AMATA City Rayong

AMATA projects in Long Thanh Ho Chi Minh

GULF OF THAILAND

AMATA City

Rayong 2

500

100 sqkm

1400

land supply in GMS region

of developed land

international tenants

sqkm

340k

Over

people

working population

Awarded the Best Sustainability Award by the Stock Exchange of Thailand AMATA aspires to become a data center hub with its purpose-built Data Center Zones in Thailand Smart City Development - creating a smart livable city and hub for innovation

We are always building, always expanding. Why not make Amata home for you business? Enquire today!

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