On May 10-11, Huayi Thailand Tire Project was officially signed in Bangkok, Thailand.
It was learned that this project was jointly established by Shanghai Huayi Group Co., Ltd. and Thai Taibiga Enterprise Co., Ltd.
The delegation of the Communist Party of China led by Han Zheng, member of the Political Bureau of the CPC Central Committee and secretary of the Shanghai Municipal Party Committee, attended the signing ceremony.
The project has a registered capital of US$100 million and is located in the Lisheng Rubber Industrial Park in Rayong, in the eastern part of Thailand. It uses Huayi Group's own money production technology to integrate green and domestic tires.
Earlier, Huayi Group announced that it had decided to seize the opportunity of “One Belt, One Road†and invested 80 million US dollars (80%) from its wholly-owned subsidiary, Huayi Group (Hong Kong) Co., Ltd., and Thailand’s Thai Best Enterprise Co., Ltd. jointly established Huayi Group (Thailand) Co., Ltd. to jointly invest in the construction of tire production base.
In order to avoid the problem of horizontal competition, Shanghai Huayi (Group) Co., Ltd. also signed a non-competition agreement with Shuangqian Tire Co., Ltd.
It is reported that the Thai base is an important step in the overseas layout of Huayi Group. The tire sales area after its production is limited to the US market in the short term.
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