TOKYO - Japanese companies in Thailand should make quick decisions in their business operations at a time when Chinese companies are increasing their market share, says Prime Minister Srettha Thavisin.
Mr Srettha, who will attend the Japan-Asean summit on Sunday, met executives of several Japanese automakers in Tokyo on Friday and agreed in principle about tax incentives to help them produce more electric vehicles in Thailand, he said in an interview with Kyodo.
The carmakers included Toyota, Honda, Nissan, Isuzu and Suzuki, said Mr Srettha, the businessman-turned-politician said.
“You are not alone in the world of course. While the others are making quick decisions”, he said, Japanese companies need to make certain adaptations.
The reference was to Chinese carmakers, which have seen their share in the Thai EV market reach nearly 80%, according to local research.
“Thailand will continue to be a base for automobile exports,” he said, adding that he hoped Japanese automakers, which have been manufacturing cars in Thailand for over 60 years, will continue to contribute to the Thai economy.
Mr Srettha is on his first visit to Japan since taking office on Sept 5. He will hold talks with Japanese Prime Minister Fumio Kishida on Sunday on the sidelines of the special summit to commemorate the 50th anniversary of cooperation between Japan and the Association of Southeast Asian Nations.