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Welcome to the newest issue of Thai news, a resource that will keep you up to date on economic and business news in Thailand.
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Automakers Look to Thailand for Production of Compact Cars
Most compact cars for the U.S. market are built in America, while subcompact cars are built in countries like Mexico, where production costs are cheaper. Low production costs allow dealers to offer better deals on these smaller cars, hurting the competitiveness of larger compact cars. To maximize profitability, many car manufacturers are looking to move the production of compact cars out of the United States and into more affordable markets, like Thailand. For instance, Ford Motor Co. plans to move the production of its subcompact Ford Fiesta from Mexico to Thailand in 2016, freeing up its Mexican facility to produce larger models.
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Moody's Investors Service Maintains Stable Rating for Thailand
Moody's affirmed Thailand's long-term issuer ratings at Baa1 with a stable outlook, confirming that Thailand's fundamental credit strengths remain largely intact despite recent political confrontations in Thailand. The key drivers for the decision include the government's unimpaired ability to manage its finances, strong institutional anchors that remained unaffected by the military coup and sustained external strength.
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Thailand Regains its Position the Biggest Rice Exporter
Thailand has reestablished its position as the top rice exporter. The secretary-general of the Thai Rice Exporters Association reported that from January 1 to May 20, 2014, Thailand exported exporting 3.93 million tons of rice, compared to India's 3.74 million tons and Vietnam's 2.4 million tons during the same period. Thailand's top spot was largely due to its lower cost for rice than its competitors. Thai rice exports are expected to reach 9 million tons this year (worth US$4.75 billion).
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Thailand BOI Approves Investment Incentives
The Thailand Board of Investment announced on June 18 that it had approved 18 investment incentive application projects worth 122.8 billion baht ($3.7 billion). The largest approval was 51.5 billion baht ($1.57 billion) for Toyota Motor Company, which plans to expand its truck and parts production.
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Thailand BOI New York Appoints New Director
Ms. Korbsiri Iamsuri has been selected as the new Director for the Thailand Board of Investment (BOI) New York office. She has an MBA in Management and Marketing and has worked at the BOI since 1988.
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Thailand BOI New York Participates in BIO International Convention
The Thailand Board of Investment (BOI) New York participated in the BIO International Convention June 23 -26 in San Diego, California. The convention is the world's largest and most prestigious biotechnology event. Ajarin Pattanapanchai, Deputy Secretary General, was in attendance along with a number of public and private bio organizations that highlighted Thailand's competitive advantages within the biotechnology sphere.
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DID YOU KNOW?
Thailand produces a vehicle every 55 seconds
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"The population of Thailand really provides our business with very skilled people. Each time we have opened a new operation here, we have been very happy to see that the people are well trained and well-motivated in helping the group to progress."
- Mr. Jean-Dominique Senard, managing partner of the Michelin Group
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Thailand Board of Investment
The Thailand Board of Investment (BOI) is the inward investment promotion agency for Thailand that assists foreign investors in identifying business opportunities, providing tax incentives and privileges, and supporting foreign companies seeking to expand into the Asian market. Our services are free of charge and customized to help your clients succeed in Thailand.
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CONTACT US:
Supisara Chomparn, Director
Thailand BOI
7 World Trade Center
34th Floor, Suite F
New York, NY 10007 USA
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