Thailand’s Vehicle industry will benefit from B150 billion.
PUBLISHED: 4:00 on January 6, 2024.
Government efforts to persuade Japanese automakers to invest in Thailand’s electric vehicle ( EV ) sector have been praised by Honda Automobile ( Thailand ), with more encouraging outcomes anticipated.
Pornwut: The strategic approach of the Lauds government
Representatives from seven Asian automakers joined Prime Minister Srettha Thavisin in Japan in December to enter the Commemorative Summit for the 50th Month of Asean-Japan Friendship and Cooperation in Tokyo.
Pornwut Sarasin, the president of Honda Automobile ( Thailand ), as well as representatives from Toyota Motors, Isuzu, Nissan, Mitsubishi, Mitsuki, Suzuki, and other manufacturers, were among them. Kubota, a manufacturer of agricultural machine in Japan, sent representatives on the trip as well.
Four automakers agreed to participate 150 billion ringgit in Thailand’s EV industry over the course of the following five years, indicating that the trip to Japan was apparently effective. Each of Toyota and Honda Motors will commit about 50 billion baht, while Isuzu, 30 billion, and 20 billion will be invested.
The journey, according to Mr. Pornwut, was remarkable not only for the outcomes but also because the government operated in a clear manner throughout the entire process.
He claimed that Japanese investors appreciate the government’s investment plan because it clearly outlines crucial details like the EV tax and investment benefits policies of the Board of Investment of Thailand ( BoI ).
According to Mr. Pornwut, the state also pledges to address some expense issues, support study opportunities, and position the nation as a hub for gas and electric vehicle manufacturers.
Mr. Pornwut claimed that the Japanese expressed a strong desire to invest in Thailand and that they would quickly consider changing their ideas to permit this.
One of the most significant parties in the nation, according to him, are Chinese investors. Japan is now Thailand’s largest investment and was the first to make an investment there.
Manufacturing of car and auto parts is one of the main foreign investments in the nation, and it significantly contributed to the expansion of gross domestic product ( GDP ).
In addition to bringing in more owners, Mr. Pornwut saw this journey as a chance to improve Thailand’s diplomatic ties with Japan.