With tyre manufacturers leading the way, China overtakes Japan in investment in Thailand
Japanese investment in Thailand has been overtaken by the Chinese investment for the first time in the history. China has already proposed projects worth US$ 280M US in the first eight months of the year, in process, surpassing the Japanese investment proposed over the same time frame.
China’s Ling Long Tyres opened a plant in Thailand keeping in mind the availability of Thai-grown rubber & generous incentives that comes with the investment. The factory has already given employment to 2500 Thai citizens.
Lance Li, executive vice-president of Ling LongTyres (Thailand) Co Ltd., said in a statement that, “Thailand is a big rubber supplier & to be close to the supplier is an advantage that cannot be overlooked also it is very important for the company to serve its customer better. Keeping with this philosophy Ling Long wants to use Thailand as its first global location. The infrastructure in Thailand is commendable & they were very fast to build up Ling Long?s huge facility.
Ling Long is one of the many Chinese manufacturers who have recognized the benefits in investing overseas & Thailand serves as an attractive gateway to the ASEAN economic community.
Since January 2015, Chinese companies submitted 37 projects to Thailand’s Board of Investment with their worth being a total of US$ 280M. This has placed China ahead of Japan by overtaking the investment in Thailand for the first time ever in the history of these nations.
Speaking of the unmatched investment by China, Ajarin Pattanapanchai, deputy general secretary of Thailand Board of Investment, said,”China is one of our target regions so we’ve opened three BOI offices in China. We see that China is so strong right now, its business has developed, it has very good technologies & it’s very competitive in the world, so this is one of our target potential investors.”
Thailand’s government is already offering tax concessions & other incentives, in an effort to revive the country’s stalled economy.