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Baht/$ 34.40/45 (Bid/Ask)
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INVESTMENT
Two investors have announced investment in Thailand of 248 million baht, despite political tensions following the state of emergency declaration, said Board of Investment (BoI) secretary-general Sathit Chanjavanakul. Mr Sathit said the two investors were the Indian auto-parts manufacturer Engine Tech and the Thailand-based developer IGS Ltd.
IGS is putting 218 million baht into its Gemopolis Industrial Estate (GIE) location in Samut Prakan, which Industrial Estate Authority of Thailand (IEAT) governor Monta Pranootnorapal said had been granted to IGS as a gem and jewellery free zone.
IGS will develop the Gemopolis Free Zone Complex in GIE within this year and expects it to operate from the end of 2009.
Based in a seven-storey building covering 2.5 rai combined with 47 units across 10,000 square metres of commercial area, the free zone will offer tariff incentives for importing raw materials, machinery and equipment for the jewellery sector.
Engine Tech has been granted financial incentives for a 30-million-baht investment in windscreen set and vehicle-light set production with a capacity of 975,000 sets per year.
Engine Tech's factory, located in Hemaraj Land and Development's Eastern Seaboard Industrial Estate in Rayong, will start operations by 2011.
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