Thailand BOI Approves USD 400 Million Investment by China's Haier to Make Smart Air Conditioners for Export

BANGKOK,Sept. 19, 2024/PRNewswire/ -- TheThailandBoard of Investment (BOI) announced today it has approved a13.5 billion baht(USD 400 million) investment promotion application by Haier Appliance Manufacture (Thailand) Co., Ltd., a unit ofChina'sHaier Smart Home Co., Ltd., to set a factory that will produce annually six million smart air conditioners and bring extensive economic benefits.

"This project demonstratesThailand'sattractiveness as a hub for the manufacturing of smart electrical appliances and smart electronics by important global companies,"said Mr. Narit Therdsteerasukdi, Secretary General of the BOI."This factory will sell around 85% of its output in overseas markets, meaning it will increase Thai exports by an estimated32 billion bahtevery year."

The factory, to be located inThailand'sChonburi Province, will employ 3,250 people and have a production capacity of approximately 3 million units of smart air conditioners, and  3 million units of smart split air conditioners, the BOI said.

Smart air conditioners feature embedded operating systems and electronic components that can detect and receive information and can be remotely controlled via mobile phones.

The investment, which includes the cost of land and working capital, is made through Haier'sSingaporeunit.

FromJanuary 2023toJune 2024, the BOI has approved smart electronics manufacturing projects worth a combined82.2 billion baht, by companies including Samsung, Midea, Inventec, and Sony. During the same 18-month period, an additional16.4 billion bahtworth of projects were approved for the manufacturing of other types of electrical appliances and parts.

Companies fromChina,Japanand other countries invest inThailandattracted by its robust supply chain, export hub status, strategic location, outstanding infrastructure, reliable public utilities, moderate operating and land costs, as well as the Government's continuous support to foreign direct investment (FDI).

During January toJune 2024, investments fromChinawasThailand'ssecond source of FDI in terms of value, afterSingapore, with 321 projects applications worth a combined72.9 billion baht, led by investments in the automotive industry, and the appliance and electronics sector.

In 2023,Chinaranked first in terms of FDI value with 416 projects worth a total of158.1 billion baht.

For more information, please contact:

ThailandBoard of Investment

Tel. +66 (0) 2553 8111

Website:www.boi.go.th

YouTube: Think Asia, Invest Thailand

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SOURCEThailandBoard of Investment (BOI)