by Willie Tan | Aug 9, 2024 | Bangkok Property Market Updates
Hyundai Motor Company, the South Korean automaker, has announced a 1 billion baht (USD 28 million) investment to establish an electric vehicle (EV) and battery assembly facility in Thailand, as reported by the country’s Board of Investment (BOI) on Wednesday.
Currently, Chinese automakers such as BYD (Build Your Dreams) and Great Wall Motors dominate Thailand’s rapidly growing EV market, using the country as a key manufacturing base to supply vehicles across Southeast Asia.
The new Hyundai factory, which will be located southeast of Bangkok, is scheduled to commence production in 2026, according to a statement from the BOI.
BOI Secretary General Narit Therdsteerasukdi noted that Thailand’s well-established supply chain will enable Hyundai to source at least one-third of its raw materials and components locally, further bolstering the domestic industry.
As EV sales surge across Southeast Asia, led by BYD, they are increasingly capturing market share from the internal combustion engine vehicles long dominated by Japanese and Korean manufacturers. In the first quarter, Thailand, Southeast Asia’s largest automotive manufacturing hub, accounted for 55% of the region’s EV sales, according to Counterpoint Research.
by Daryl Lum | Aug 6, 2024 | Bangkok Property Market Updates, Expat Living & Relocation
The Ministry of Tourism and Sports aims to attract at least 1 million Japanese tourists to Thailand by the end of this year, an official has stated.
Polphum Wipatphumiprathet, an aide to Tourism and Sports Minister Sermsak Pongpanich, mentioned on Sunday that the ministry is actively seeking ways to increase Japanese tourist numbers and plans to discuss enhancing tourism cooperation with relevant Japanese authorities.
Mr. Polphum highlighted that Japan, with a population of 124 million and being the world’s fourth-largest economy, represents a significant market. Japanese tourists are also regarded as high-quality visitors.
“Japan is a crucial tourist market that we must sustain and expand,” Mr. Polphum stated during his visit to the Tourism Authority of Thailand’s office in Japan.
Last year, around 800,000 Japanese tourists visited Thailand, and the ministry aims to increase this figure to 1 million by the end of this year. Achieving this target is expected to contribute to the ministry’s goal of generating 3.5 trillion baht in tourism revenue.
From January to June this year, out of 17.5 million foreign arrivals, 470,789 were Japanese tourists. The top five foreign arrivals during the first half of the year were from China (3.43 million), Malaysia (2.43 million), India (1 million), South Korea (934,983), and Russia (920,989).
Mr. Polphum emphasized that tourists prioritize safety, hygiene, and convenience. The ministry is committed to developing and promoting tourism to attract more international visitors, thereby boosting the country’s economic growth.
