BEIJING, June 13 (Xinhua) — Thailand’s investment authority on Monday approved Foxconn and the State Oil Company of Thailand (PTT) to set up a 36.1 billion baht (about 6.97 billion yuan) joint venture to produce electric vehicle batteries.
The Horizon Plus Co project, a joint venture between Foxconn and PTT, was one of several investment applications approved on Monday, the Board of Investment Promotion (BOI) said in a statement. The total investment of these application projects is 209.5 billion baht, involving manufacturing and infrastructure, and also includes an investment of 162.3 billion baht by Asia Times One, a subsidiary of Thailand’s CP Group, to build a high-speed rail project connecting Bangkok’s three airports and the Eastern Economic Corridor.
“The joint venture project will support investments in the electric vehicle industry, building on the policy of making Thailand an EV manufacturing hub in Southeast Asia,” said Duangjai Asawachintachit, secretary-general of the Investment Promotion Council of Thailand.
The Thailand Investment Promotion Board also approved an improved support policy to support investment in electric vehicle battery production for existing and new projects,These include a 90% reduction in import duties on raw and basic materials over five years if battery production is sold domestically.
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