The Thailand Board of Investment (BOI) has approved investment incentives for five projects with a total investment of value of over 40,462 million baht ($1.3 bln).
The highest investment proposal comes from a Chinese investor, Ju Xunning, who plans to invest 10.06 billion THB (322 million USD) to establish a car tyre production project in Chon Buri province.
A project by General Rubber, another car tyre manufacturer, which is projected to use 35,398 tonnes of rubber per year, was also approved with an investment worth 9.72 billion THB (over 310 million USD).
This is expected to boost local rubber consumption valued over 3,000 million baht per annum.
Ms Duangjai Asawachintachit, Secretary General of BOI, said after a board meeting chaired by Prime Minister Gen Prayut Chan-ocha that the board approved large-scale projects in the automotive, aircraft heavy maintenance and repair center, and air transportation industries. The details are as follows:
1. A W (Thailand) Co., Ltd
The Japanese company was granted investment promotion incentives for its automatic transmission production project worth 7,244 million baht. Located in Chonburi Province, this project will produce and supply automatic transmissions to both local and overseas carmakers.
2. General Rubber (Thailand) Co., Ltd.
The tire company was granted investment promotion incentives for its vehicle tires production project worth 9,721 million baht. Located in Rayong Province, this project will boost local rubber consumption in support of the government’s policy as it will use approximately 35,398 tons per year of natural rubber worth 1,673 million baht annually.
3. Mr. Xunning Ju
The Chinese investor was granted investment promotion incentives for a vehicle tire production project worth 10,061 million baht. Located in Chonburi Province, this project will increase local rubber consumption in support of the government’s policy as it will use approximately 23,838 tons per year of natural rubber worth 1,433.3 million baht per year.
4. Flying Officer Ronnachai Wongcha-um
Flying Officer Ronnachai Wongcha-um was granted investment promotion incentives for an aircraft heavy maintenance and repair center, a joint venture between Thai Airways International Plc and a global aircraft manufacturer. The 6,468-million-baht project will be located at the Eastern Airport City (EEC-A) in Rayong Province.
The project will enhance the country’s competitive advantages, especially in terms of new aircraft maintenance. It will also provide local aviation technicians with an opportunity to enhance their skills to comply with international standards.
5. Thai Lion Mentari Co., Ltd.
The Thai Indonesian joint venture airline company was granted investment promotion incentives for its air transportation project with a total investment value of 6,968 million baht. The low-cost airline will operate domestic and international services, which will support Thailand’s aviation and tourism industries.
Thailand’s H1 Investment Applications rise 158% in combined value, BOI says
Japanese firms ranked first with 87 projects worth 42.8 billion baht, followed by investments from the U.S. with 18 projects worth 24.1 billion baht, and China with 63 projects worth 18.6 billion baht.
In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.(more…)
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