BANGKOK, April 1 (Reuters) - Chinese tyre maker Prinx Chengshan will invest 10.1 billion baht ($318.4 million) in its first overseas plant in Thailand, industrial estate developer WHA Corp Pcl said on Monday.
Prinx Chengshan is the latest foreign investor in Thailand’s Eastern Economic Corridor, part of a government policy to attract foreign investment.
Prinx Chengshan is setting up the plant in an industrial estate run by WHA with an initial workforce of 1,200 and annual production capacity of 4.8 million tyres for passenger cars and trucks.
The workforce will exceed 2,000 as capacity grows to its production target of 12 million tyres per year.
Thailand was chosen for its first overseas facility due to the kingdom’s position as a rubber producer with qualified human resources and convenient infrastructure, chairman of Chengshan Group, Che Hongzhi, said in a statement.
Prinx Chengshan’s facility will occupy 280 rai, or 44.8 hectares, in WHA’s industrial estate, which targets automotive, robotics and aviation companies.
Thailand’s industrial east is already home to foreign auto manufacturers such as Toyota, Honda and Ford, which gave the Southeast Asian country the name, “Detroit of the East”, and also houses petrochemical and electronic companies. ($1 = 31.7200 baht) (Reporting by Chayut Setboonsarng; Editing by Gopakumar Warrier)