Matsushita Electric Works Ltd. has invested 1.70 billion baht (approx. U.S. $41.4 million) to build its fifth manufacturing plant in Thailand. The company also has plans to invest another 3.69 billion baht for further expansion by 2006, the Industry Minister said in a statement.
Matsushita Electric makes electronic and electrical appliances. The new plant, which will produce connectors, switches, and electronic relay switches, will be used as the Japanese company's production base for the Indochina region, Pinij Jarusombat said. The facility will be built in Nong Kai province, in northeast Thailand.
The Thai Board of Investment has granted tax privileges, including exemption of income taxes and waivers on import tariffs for capital and raw materials, to the company.
Matsushita Electric expects to record 14 billion baht in sales from all its Thai factories this year. The company expects to record up to 20 billion baht in sales next year from its Thai factories. (Dow Jones)
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