ASEAN KEY DESTINATIONS
The amendment won't hurt foreign investment
The more important concern for the auto maker is Thailand's strong currency. Consequently, it urged the government to relax fund transfer rules within the region.
Speaking to the press here on Thursday, Ryuichi Sasaki, President of Toyota Motors Asia-Pacific Engineering and Manufacturing said he has not studied the Act in great detail but he believed that the Act is unlikely to alter the firm's investment plans in Thailand.
Toyota intends to continue investing in Thailand, Mr. Sasaki said. The company would like the expansion in the country.
He reaffirmed Toyota's long term commitment to maintain automobile manufacturing operations in Thailand and not to relocate its investment elsewhere. Its investment policy emphasises quality improvement, lowering costs and finding appropriate agents. The entire operation is also geared towards greater export orientation.
Meanwhile Socho Ishikawa, another Toyota executive, said the company needs to study thoroughly the amended Foreign Business Act to assess its impact on its investment in five locations in Thailand.
Toyota's investment portfolios in the region vary in emphasis from place to place among its 13 subsidiaries in ASEAN.
Easing regulatory control to facilitate mutual lending amongst its subsidiaries in the region, for example, would be of great help to Toyota's investment in the face of strong baht, he said.