Thai Prime Minister Prayut Chan-o-cha
(Photo: AFP/VNA)

Bangkok (VNA) – The Board of Investment (BoI) of Thailand recently approved five investment projects worth a total of 40.46 billion THB (nearly 1.3 billion USD) during a meeting chaired by Prime Minister Prayut Chan-o-cha, reported Thai media on February 26.

All projects will be launched in the Eastern Economic Corridor (EEC).

The highest investment proposal comes from a Chinese investor, Ju Xunning, who plans to invest 10.06 billion THB (322 million USD) to establish a car tyre production project in Chon Buri province.

According to the BoI, the project will help promote the rubber industry in Thailand. It will use up to about 23,840 tonnes of rubber per year, with an estimated value of 1.43 billion THB (over 45 million USD), said BoI General Secretary Duangjai Asawachintachit.

A project by General Rubber, another car tyre manufacturer, which is projected to use 35,398 tonnes of rubber per year, was also approved with an investment worth 9.72 billion THB (over 310 million USD).

Furthermore, the board granted approval to a project on the construction of a maintenance, repair, and overhaul hub in Rayong province, which was invested by Thai Airways in partnership with a foreign company, valued at about 6.47 billion THB (206 million USD). Another one belonged to the low-cost carrier Thai Lion worth 6.97 billion THB (233 million USD).

The fifth investment project was invested by AW Thailand, an auto-parts manufacturer. The firm plans to invest 7.24 billion THB (232 million USD) in a project based in Chon Buri province.

The BoI secretary-general said that although the global economy outlook remains uncertain in 2019, the investment prospects for Thailand were promising. –VNA