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Thailand: Big Japanese firms plan to increase investment
Senior executives of 10 major Japanese companies confirmed they have plans to expand their investments in Thailand, but asked for tax incentives, during a meeting with Prime Minister Yingluck Shinawatra in Tokyo on Friday morning.
Top management people from Toshiba, Honda, Toyota, Nissan Motors, Mitsubishi Motors Corporation, Isuzu Motors, Suzuki Motor Corporation and Bridgestone Corporation, industrial conglomerate Mitsui and services provider Marubeni attended the meeting - all major investors with large production bases in Thailand.
Reporters were invited into the meeting.
The industry chiefs praised the Yingluck government's efforts to combat the flood crisis and help the flood victims.
They also expressed satisfaction with the government’s water resources management plans, flood prevention projects and the offering of tax privilege schemes.
The Japanese executives expressed their continuing confidence in Thailand as a production base and said they would speed up expansion plans for their facilities in Thailand.
However, they also asked for more investment tax incentives to encourage additional investment and for a reduction in the bureaucratic red tape that hampers the running of their businesses.
Prime Minister Yingluck expressed her regret at problems the Japanese firms experienced in the Nava Nakhon and Bangkadi industrial estates inundated by last year’s devastating flood.
She gave an assurance that there will be no recurrence of the great flood. The short- and long-term flood prevention measures being introduced by her government at a cost of 350 billion baht would ensure this.
Ms Yingluck said Thailand has several strong points that would help it become a trade and investment base for the Asean Economic Community after it is launched in 2015.
Replying to the tax incentive call, Ms Yingluck said the government has since Jan 1, 2012 reduced corporate income tax from 30 per cent to 23 per cent, and it would be further cut to 20 per cent on Jan 1, 2013.
The Board of Investment had already offered tax exemption for the imports of machinery by inundated manufacturers, she added.
She also assured the top management of Japan firms that the investment promotion policies of the BOI will not be changed even though there is a change in the government.
Finance Minister Kittiratt Na-Ranong, Commerce Minister Boonsong Teriyapirom, Industry Minister Pongsavas Svasti and Foreign Minister Surapong Tovichakchaikul also attended the meeting.
Ms Yingluck was due to conclude her visit today and return to Bangkok tonight.
Source: Bangkok Post - GAI
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