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Welcome to the July issue of Thai news, a resource that will keep you up-to-date on economic and business news in Thailand.
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Thailand boasts highest Southeast Asia growth for GM
In May, Thailand was the highest growth market for General Motors in the Southeast Asia region with over 26,000 vehicles sold this year. GM Thailand sales are up 117% Year-over-year, thanks to increasing sales of the Chevy Colorado and Chevy Cruze. GM Thailand currently employs almost 5,000 people and has invested over $1 billion in its operations in the country over the past decade.
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Thailand leads Bosch's growth in Asia with record sales
Bosch sales in Thailand topped other Southeast Asian countries for the second year in a row in 2011. The country posted the highest growth in Southeast Asia and accounted for a whopping 40% of the regions sales, with $723 million last year. The German manufacturer has been in Thailand for 90 years and generated local sales of $280 million last year, up 25% from 2010. The company recently built its third plant in Thailand to deliver its first machines for the confectionery, pharmaceutical and food industries throughout Asia.
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Yum Brands to double Thailand outlets by 2020
In June, Yum Brands Inc, the parent company of KFC and Pizza Hut, announced plans to double its fast food outlets in Thailand by 2020. The expansion will include over $850 million in investment and create 14,000 jobs, increasing the overall number of outlets in the country to 1000. As one of the Yum Brand's top ten markets worldwide, CEO and Chairman, David Novak, said the country's fast urbanization, as well as the upcoming implementation of the Asian Economic Community, were the main reasons for expansion.
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DuPont to supply 22.75 MW of solar panels for two Thai solar plants
DuPont Apollo, a Chinese subsidiary of DuPont (Wilmington, Delaware, U.S.), announced two contracts with Thai solar plants to supply 22.75 MW of its amorphous silicon thin-film solar PV modules. The company said that the solar panels will help the country reach its ambitious renewable energy targets under the Alternative Energy Development Plan, in which Thailand aims to produce up to 20% of its total electricity from renewables by 2022 and install 1GW of solar capacity by 2020.
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Cartoon Network to open its first theme park in 2013L
In May, U.S. cable giant Cartoon Network announced that it will invest over $30 million in its first ever theme park AMAZONE, set to open in Thailand in 2013. The theme park will create hundreds of jobs and attract up to 800,000 visitors a year, further solidifying the country as a destination for tourism investment.
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Did you know?
Thailand has more certified software developers than any other Asean country?
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"The BOI has always been a good counselor and interlocutor with multiple government ministries, offices and agencies to facilitate further investments and a long term engagement of General Motors in Thailand."
-Martin Apfel, President of GM Southeast Asia Operations
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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
61 Broadway, Suite 2810
New York, NY 10006 USA
Tel: (212) 422-9009
supisara@boi.go.th
nyc@boi.go.th
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