Thai Business Ventures

WASHINGTON, D.C. – The United States Chamber of Commerce today unveiled a pilot program to help U.S. and Thai companies develop long-term business relationships. The Strategic International Assistance and Matchmaking (SIAM) program, funded by the U.S. Agency for International Development, is a cooperative effort between the U.S. Chamber and major Thai business organizations and will rely on an Internet-based business development and information system.

"There is tremendous room for growth in small and mid-sized Thai companies and U.S. firms are looking for investment opportunities, joint partnerships and increased trade," said Willard Workman, Chamber vice president for international affairs. "SIAM will help companies from both countries find and form new business partnerships over the Internet."

Thailand is the first major project in the Chamber's Global Business Partnering Program. In cooperation with USAID and initially targeted to agribusiness, auto components and electronics firms, the Chamber expects to expand the SIAM concept to additional market sectors and to other countries in Asia.

"Thailand has emerged from the Asian financial crisis looking for ways to improve and sustain economic growth," said Mark Van Fleet, Chamber manager of international business development. "Forty Thai companies have already signed up and I expect hundreds more will participate. The goal is to create an ongoing process that provides business development services to U.S. and Thai firms and a central source for information."

Thailand is one of Asia's most cost-effective manufacturing and distribution hubs for the Southeast Asia region, according to the Chamber. By providing focused assistance and access to U.S. firms, the Chamber and its partners seek to strengthen Thai firms' management of technology, accounting standards and ability to compete in the global market.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region. The Chamber is also a partner with ChamberBiz, a venture capital-funded small business Internet portal backed by Telcom Ventures. ChamberBiz is in the process of establishing partnerships with state and local Chambers nationwide to offer an array of services to the small business community.

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