Media reports said that China’s Haier group has announced its plan to invest around 9 million dollars this year in Thailand to take advantage on the free trading South East Asian agreement. The managing director of Haier Electrical Appliances said that the company is about to increase the production capacity of washing machines by spending about 3 million dollars at its plants. The remaining 6 million dollars is about to go towards the new plants constructed to develop new product lines.
The expansion has been decided as an effect of the free trading agreement, ASEAN- Association of South East Asian Nations which was signed in January 1st 2010. Wu added 0that the agreement briefs all intra religion trade import tariff are been lowered ranging from zero to 5 percent. In the next three year, Wu said that the total export sales on the washing machine can be expected to increase from 20% to 40% while the Thailand sales can increase to 50% this year.
