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Baht/$ 34.36/41 (Bid/Ask)
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GOLD |
14450
+300
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HOME APPLIANCES
The Chinese home-appliance maker Midea Group has spent US$150 million to expand its production bases to Thailand, Vietnam and Russia, aiming to drive its manufacturing value to $700 million.
The expansion will create 1,500 jobs in total and its global sales would exceed $15 billion by 2010, said Ken Lu, sales manager of Midea Group.
In Thailand, the plant at Bang Poo Industrial Estate, Samut Prakarn, has been operating since March. It is now producing electric fans to serve the local market and export to India and Southeast Asia.
Midea will enjoy low tariffs when exporting Thai-made products to India and Southeast Asia as Thailand has free trade agreements with both markets.
''We saw huge potential in the home appliance market in Thailand even though the 33-billion-baht industry grew only 3% last year due to the impact of economic and political uncertainties. However, these problems will be short-lived,'' Mr Lu said.
Midea believes it is the right time for its products to attract Thai consumers. Their purchasing power is declining and Chinese home appliances are more affordable than Japanese or Korean options.
By 2010, Midea, which is now the world's third largest home appliance producer, expects exports will represent 30% of total sales consisting of $15 billion. The group has networks in 21 countries.
Shao Bin, marketing manager of Midea Group, said that apart from fans produced locally, it would import additional products such as rice cookers, microwave ovens, mid-sized air-conditioners, refrigerators, washing machines, heaters, dishwashers, vacuum cleaners and some health-care products for the Thai market.
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