Honda Automobile (Thailand) has commended government efforts in attracting Japanese car makers to invest in Thailand's electric vehicle (EV) sector, with more promising results expected.
During Prime Minister Srettha Thavisin's visit to Japan in December to attend the Commemorative Summit for the 50th Year of Asean-Japan Friendship and Cooperation in Tokyo, he was joined by representatives of seven Japanese car manufacturers.
Among them was Pornwut Sarasin, director of Honda Automobile (Thailand) and representatives from Toyota Motors, Isuzu Motors, Nissan Motors, Mitsubishi Motors, Mitsui Motors and Suzuki Motors. Representatives from Japanese agricultural machinery maker Kubota also joined the trip.
The trip to Japan was reportedly successful, as four carmakers agreed to invest 150 billion baht in Thailand's EV industry over the next five years. Toyota Motor and Honda Motor will invest about 50 billion baht each, while Isuzu Motors will invest 30 billion baht, and Mitsubishi Motors will invest 20 billion baht.
Mr Pornwut said the trip was impressive, not only for the results but also due to the government's transparent working process throughout the period.
He said Japanese investors also appreciate the government's investment plan where important information was outlined clearly, such as EV tax measures and the Board of Investment of Thailand's (BoI) measures on investment benefits.
Mr Pornwut said the government also promises to clear up some investment difficulties and promote the country as a central hub for car manufacturers in gas and EV forms while promoting research opportunities.
According to Mr Pornwut, the Japanese showed much interest in investing in Thailand and said they would consider adjusting their plans to allow them to invest here as soon as possible.
He said Japanese investors are one of the most important groups in the country. Japan was the first country to invest in Thailand and is currently its top investor.
One of the main foreign investments in the country is car and car parts manufacturing, which significantly helped with the growth of gross domestic product (GDP).
Mr Pornwut saw this trip as a good opportunity not only to attract more investors to the country but also to tighten the diplomatic relationship between Thailand and Japan.
Pornwut: Lauds govt's proactive approach