Thailand
Thailand: Foxconn keen on EEC
Foxconn Technology Co Ltd, a Taiwan-based global manufacturer of computers, communication devices and consumer gadgets, is eager to invest in Thailand’s Eastern Economic Corridor (EEC) project, says Deputy Prime Minister Somkid Jatusripitak.
J.W. Tai, corporate executive vice-president of Hon Hai (Foxconn Technology) and chairman of Sharp Technology, met Mr Somkid Wednesday to discuss investment prospects in the EEC.
Mr Somkid has authorised Kanit Sangsubhan, secretary-general of the EEC Office, and the Board of Investment (BoI) to facilitate the company’s investment incentives.
The deputy premier also informed Foxconn Technology that the company would receive BoI investment privileges for investment in the EEC.
The BoI reported that Foxconn has the potential to invest in computer, communication and consumer electronics devices, for which the company can seek investment privileges in the categories of telecom manufacturing (including emission, transmission and reception), optical fibre signals and wireless communication.
“If smartphone companies establish factories in Thailand, it will attract Foxconn to invest in Thailand as well,” Mr Somkid said. “I have tried to urge smartphone companies to establish factories in Thailand.”
Foxconn Technology, which took over Japan’s Sharp in 2016, invested in Thailand through Sharp Appliances Thailand with a focus on TV manufacturing and electronic equipment.
Foxconn Technology, also known as Hon Hai Precision Industry Co Ltd, is the largest original equipment manufacturer of computer, communication and consumer electronic devices.
The company took in 5.09 trillion baht and had 1.2 million employees in 2017.
Foxconn was ranked as the 27th most profitable company in the world in the Fortune Global 500 last year.
Mr Somkid said Foxconn Technology has shown investment interest in Thailand because Huawei Technologies, one of the company’s customers, has already established a headquarters in the country.
He said the company is an expert on making smartphones and supplies parts to many smartphone companies such as Apple and Huawei, having established plants in many countries for the purpose.
Mr Somkid is scheduled to visit Foxconn’s smartphone factories in Shenzhen during a June 26-29 roadshow to Hong Kong and China.
Foxconn has 10 affiliated companies in China, Taiwan, the US, the EU and Japan. The company also has eight high-tech industrial estates in China.
Foxconn Technology is a parent company to many electronics manufacturers, including Sharp and Austria’s S&T, which were acquired in 2016, and Belkin International in the US, acquired this year.
Over the past few years, the company has focused on innovations that are core to nanotechnology, wireless technology and servers. The company uses 40,000 robots during its manufacturing process.
Source: https://www.bangkokpost.com/business/news/1484517/foxconn-keen-on-eec