China to Invest in Thailand's Tobacco Factory

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Last updated at: (Beijing Time) Tuesday, June 17, 2003

China to Invest in Thailand's Tobacco Factory

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China will invest in a new tobacco factory of Thailand in Chiang Mai province, 700 kilometers north from Bangkok, to complement the Thai government's plan to move theindustry out of Bangkok, the Nation newspaper reported Tuesday.

Thailand planned to shift the country's main tobacco plant from Bangkok to Chiang Mai and to build a new culture park at the former site of the factory.

Thai Deputy Prime Minister Somkid Jatusripitak, who is currentlyon an official visit to China, revealed the news, saying that a state-owned enterprise of Yunnan province, which is China's tobacco producing center, was keen to invest the project.

The new factory to be build in Chiang Mai is designed to produce25 billion cigarettes a year. According to Deputy Finance MinisterVarathep Ratanakorn, the new plant will require 13 billion baht intotal investment.

Companies from Germany, Italy and Britain are also keen on the project.

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