IT IS NO ACCIDENT that I have chosen to travel to Southeast Asia, and in particular Thailand for my first major visit as a Foreign Office minister. I have been tasked by the British Foreign Secretary, William Hague, to reinvigorate our diplomatic links with Southeast Asia. This is because both he and I recognise that if Britain is serious about its future, it has to be serious about Asia. The centre of gravity is shifting in the world as economic power and opportunity moves East and South. There can be no greater sign of this than the current economic recovery: it is Asian economies that are setting the pace and driving global growth.
British investments in Thailand currently amount to £5 billion (Bt246.5 billion), making the United Kingdom the biggest investor of the European Union's 27 member states. British companies such as Tesco and Boots have chosen to establish their largest operations outside the UK in Thailand. Triumph now builds half its world-class motorcycles in Thailand. Flagship British businesses like Standard Chartered Bank, Rolls Royce and Shell are keen to continue to expand trade and investment links. I am encouraged that the Thai government is working to promote freer and more liberal markets, including through a Free Trade Agreement with the EU.
As well as attractive market conditions, political stability is another important element for trade and economic success. Instability can only serve to damage Thailand's brand. As a friend of Thailand, the UK wishes to see an open, inclusive and transparent process of national reconciliation in which all sectors of society have a voice. To build trust on all sides, the right to freedom of expression is important. A free flow and exchange of ideas is essential not only to creating a stable democracy but also to a modern knowledge-based economy.
Like any good relationship, ours is not one way. Thanks to Thai exports, the UK enjoys everything from mangoes to prawns to computer parts and even sponsorship of Everton football team. Our embassy in Bangkok issues around 40,000 visas for UK-bound Thais each year. And Britain is the destination of choice for many Thais who wish to study at an English-speaking university or study at British schools.
Our people-to-people links have been forged at the highest levels. His Majesty King Bhumibol Adulyadej is the world's longest-serving monarch, closely followed by Queen Elizabeth of the UK. The two Royal Families maintain close links with regular trips between Thailand and the UK. One out of every sixty Britons chooses to holiday in Thailand and over 50,000 British citizens have chosen to make Thailand their home.
The UK is very much open for business. It acts as a gateway to Europe - the largest single market in the world. Over half of multinationals chose to base their European headquarters in the UK for good reason. The World Economic Forum rated the UK as one of the most competitive places in the world to do business in its 2009-10 Global Competitiveness Report. The Organisation for Economic Cooperation and Development judges us to be the country most supportive of entrepreneurship in the world. And the World Bank says we have one of the most flexible labour markets in Europe. On top of all this, we recently announced we would cut corporation tax to 24 per cent to attract new companies to Britain. The UK is one of the best places to do business anywhere in the world and the British government is determined to keep it that way.
This is the reason why I am optimistic about the future of Britain, Thailand and Southeast Asia as a whole. As the world emerges from the recent economic downturn, emerging economies such as Thailand are joining established economies such as Britain as important players on the world stage. This is welcome and will contribute to growth and prosperity in both countries.