Japan companies in Thailand should make quick decisions amid Chinese rise, says PM Srettha

Thai Prime Minister Srettha Thavisin said on Saturday that Japanese companies in Thailand should make quick decisions in their business operations amid an increasing market share by Chinese companies.

The carmakers included Toyota, Honda, Nissan, Isuzu and Suzuki, said Srettha, the businessman-turned-politician.

“You are not alone in the world of course. While the others are making quick decisions,” Japanese companies need to make certain adaptations, Srettha said. Chinese carmakers have seen their share in the Thai EV market reach almost 80 per cent of late, according to a local bank research.

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“Thailand will continue to be a base for automobile exports,” he said, adding he hoped Japanese carmakers, which have been manufacturing cars in Thailand for more than 60 years, would continue to contribute to the Thai economy.

Thailand has been engaging in free trade negotiations with the European Union and Britain, to whom Thailand is exporting Japanese cars made in the Southeast Asian country, said Srettha, who is focusing on boosting the Thai economy, which is still on a recovery path after the COVID-19 pandemic.

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Thailand rolls out red carpet for Chinese tourists on visa-free scheme

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Srettha is on his first visit to Japan since taking office on September 5.

He will hold talks with Japanese Prime Minister Fumio Kishida on Sunday on the sidelines of the special summit to commemorate the 50th anniversary of friendship and cooperation between Japan and Asean.