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LVH exclusive - Thailand Business Accelerates News Feed

Major flooding in 2011 caused considerable losses for global automobile and auto parts manufacturers with factories in Thailand

Major flooding in 2011 caused considerable losses for global automobile and auto parts manufacturers with factories in Thailand, and to some degree, also hindered production worldwide.

Now it appears investments and plans are back on the upswing in the kingdom, and with recent reports showing above 6 percent growth Thailand’s economy during 2012, it seems expansion plans are at the top of the list for many major auto industry names with production interests in the country.

Companies like Toyota, Isuzu, Honda, Nissan, General Motors, Mitsubishi, Suzuki, BMW, Tata, Ford and Mazda are all bullish about working with Thailand and the country's Ministry of Commerce believes there are numerous reasons for this, not least the country’s signing of a free-trade agreement with significant countries in the Association of Southeast Asian Nations (ASEAN).

Thailand’s plentiful skilled labour force also still comes with affordable pay rates, which also appeals to car corporations, as does the abundance of rubber produced in the kingdom. According to Dr. Patima Jeerapaet, President of Thailand Automotive Institute, auto industry growth "is expected to achieve 3 million units by 2015 – placing [Thailand] among the world’s top 10 auto producing countries.”

Meanwhile, new projects are also being finalised between Thailand's government and auto industry leaders that will bring together technology, politics and industrial interests to save energy and keep down fuel costs. Thailand plans to adopt Japan’s Intelligent Transport System (ITS) technology, and discussions are also planned with Toyota Motor Thailand regarding ways to institute a countrywide traffic flow system.

Toyota recently announced a 16 billion Baht investment to expand its Chon Buri Siam Manufacturing Co Ltd facility for diesel engine manufacturing and will partner with Thailand to improve fuel and energy conservation with an updated system, most notably in Bangkok.

The timing of such agreements is expected to benefit Thailand’s population, visitors, environment and automobile makers. The planned technological advancements should also occur just as the government’s vehicle excise tax system’s basis shifts from engine size to carbon dioxide emissions in 2015.

Such co-operation is key to Thai industry. Thailand’s Fiscal Policy Office data shows that the motor vehicle and auto parts industry comprises 5.4 percent of the nation’s total output, with 55 percent of the auto industry focused on exports.Thai farmers and agribusinesses also now constitute the world’s second largest pickup market following the United States, and the country is becoming known for manufacturing vehicles that run on 20 percent ethanol fuel, meeting stringent European emissions standards.

Significantly, Japanese Prime Minister Shinzo Abe’s recently made a stop in Thailand before his American visit and it seems with Thailand’s increasingly important position in the Asian market, the country's automobile export business looks set to thrive.

By Jubel ShawMajor flooding in 2011 caused considerable losses for global automobile and auto parts manufacturers with factories in Thailand, and to some degree, also hindered production worldwide.

Now it appears investments and plans are back on the upswing in the kingdom, and with recent reports showing above 6 percent growth Thailand’s economy during 2012, it seems expansion plans are at the top of the list for many major auto industry names with production interests in the country.

Companies like Toyota, Isuzu, Honda, Nissan, General Motors, Mitsubishi, Suzuki, BMW, Tata, Ford and Mazda are all bullish about working with Thailand and the country's Ministry of Commerce believes there are numerous reasons for this, not least the country’s signing of a free-trade agreement with significant countries in the Association of Southeast Asian Nations (ASEAN).

Thailand’s plentiful skilled labour force also still comes with affordable pay rates, which also appeals to car corporations, as does the abundance of rubber produced in the kingdom. According to Dr. Patima Jeerapaet, President of Thailand Automotive Institute, auto industry growth "is expected to achieve 3 million units by 2015 – placing [Thailand] among the world’s top 10 auto producing countries.”

Meanwhile, new projects are also being finalised between Thailand's government and auto industry leaders that will bring together technology, politics and industrial interests to save energy and keep down fuel costs. Thailand plans to adopt Japan’s Intelligent Transport System (ITS) technology, and discussions are also planned with Toyota Motor Thailand regarding ways to institute a countrywide traffic flow system.

Toyota recently announced a 16 billion Baht investment to expand its Chon Buri Siam Manufacturing Co Ltd facility for diesel engine manufacturing and will partner with Thailand to improve fuel and energy conservation with an updated system, most notably in Bangkok.

The timing of such agreements is expected to benefit Thailand’s population, visitors, environment and automobile makers. The planned technological advancements should also occur just as the government’s vehicle excise tax system’s basis shifts from engine size to carbon dioxide emissions in 2015.

Such co-operation is key to Thai industry. Thailand’s Fiscal Policy Office data shows that the motor vehicle and auto parts industry comprises 5.4 percent of the nation’s total output, with 55 percent of the auto industry focused on exports.Thai farmers and agribusinesses also now constitute the world’s second largest pickup market following the United States, and the country is becoming known for manufacturing vehicles that run on 20 percent ethanol fuel, meeting stringent European emissions standards.

Significantly, Japanese Prime Minister Shinzo Abe’s recently made a stop in Thailand before his American visit and it seems with Thailand’s increasingly important position in the Asian market, the country's automobile export business looks set to thrive.

 

By Jubel Shaw

Luxury Villas & Homes 101