Buses
and Coaches maker China Yantai Shuchi Vehicle Co said it plans to set up factories
to assemble commercial vehicles in Thailand to sell in Southeast Asia. Shuchi
may invest 40 billion baht (US$1.06 billion) over 10 years to build factories
in Thailand, the Bangkok Post said yesterday, citing the company's managing director
James Zhang. The company's sales manager Song Shaowu confirmed the investment,
declining to divulge the amount and name its Thai partner. "Thailand's
market is very promising and we want to tap its growth," Song said yesterday
from Laiyang city in eastern China's Shandong province. "An international
consortium is providing us with capital for the expansion." Thailand,
Southeast Asia's second-largest economy, last year pledged to cut its 80 percent
tariff on 3-liter vehicles to 60 percent by 2009 and allow components that aren't
produced in the country to be imported without tax. Thailand wants global vehicle
makers to produce vehicles in the country.
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