BOI confident of Thai economy as Ford announces investment plan

BANGKOK, June 27 (TNA) -- Ford Motor Company's announcement Friday that it will invest more in the kingdom, is goods news for Thailand in general according to a senior Board of Investment (BOI) official.

BOI deputy secretary-general Ajarin Pattanapanchai said more investment by Ford Motor Co. in Thailand’s eastern province of Rayong will give provide good opportunities for small- and medium-sized enterprises producing automotive spare parts as well as boosting business confidence here.

Miss Ajarin said the Ford decision to boost its stake in Thailand demonstrates to investors worldwide that Thailand remains an attractive country for business development and that it offers opportunities in every field, especially in the industrial sector and automotive spare parts.

President and chief executive Alan Mulally announced last week that Ford will invest Bt15 billion (US$450 million) in the Rayong industrial estate to build its new sedan factory.

The industrial unit is set to be completed in 2012 and will produce the new 2012 Ford Focus for the Thai market as well as for export to other Asia-Pacific markets.

Ford Asia Pacific and Africa president Joe Hinrichs said production capacity is set at 150,000 units annually for the new factory, and 85 per cent maximum of cars manufactured will be for export.

The plant will create 11,000 jobs, of which 2,200 positions will be hired directly by Ford, while another 8,800 will be outsourced via its supplier and dealer networks.

The company is as well planning to purchase auto spare parts from domestic producers, to be worth Bt26 billion annually. (TNA)