Prasit Boondoungprasert, Chief Executive Officer of Charoen Pokphand Foods Public Company Limited (SET: CPF), affirmed that CPF will not be significantly affected by the recent U.S. tariff increase, as the company exports only around THB 800 million worth of goods from Thailand to the U.S. per year.
He explained that CPF has been expanding its investments in the United States for over a decade and now has a local production base there. However, the company will have to manage increasing costs arising from higher import tariffs for certain raw materials shipped into the U.S.
Regarding the overall impact on Thai businesses, Prasit believes that the U.S. tariffs pose a substantial challenge to the private sector, and the situation is likely to remain uncertain for some time.
He suggested that the Thai government should step in to support the private sector, especially with short-term measures to address immediate impacts—such as offering special relief loans or evaluating which sectors are most affected by elevated tariff rates.
For the longer term, he recommended that the government focus on strategies to reduce production costs in the agriculture and food industries through investment mechanisms aimed at boosting production efficiency.
Additionally, CPF proposed that Thailand should encourage more Thai businesses to invest overseas to diversify risks and expand market opportunities. He stated that companies must consider the benefits they bring to the host country, the market’s size, and the importance of forging strong local partnerships.
Prasit also recommended that the government play an active role in facilitating negotiations to find suitable partners, providing in-depth market information, and that the Board of Investment (BOI) should introduce policies to support outbound investment by Thai businesses.
