THAILAND’s investment agency on Monday approved a joint venture worth 36.1 billion baht (S$1.44 billion) between Taiwan’s Foxconn and Thailand’s PTT to produce batteries for electric vehicles (EVs).

The Horizon Plus project is one of several investment applications worth a total of 209.5 billion baht in manufacturing and infrastructure that were approved on Monday (Jun 13), the Board of Investment (BOI) said in a statement.

“The joint venture project will support investment in the EV industry and build up on the policy to become South-east Asia’s EV manufacturing hub,” BOI chief Duangjai Asawachintachit said.

The approved projects also included a 162.3-billion-baht investment by CP Group’s Asia Era One in a high-speed rail project connecting the 3 airports located in Bangkok and the Eastern Economic Corridor.

The BOI also approved enhanced benefits for investments in EV battery production for both existing and new projects, including a 90 per cent reduction of import duty on raw and essential materials for 5 years in case the output is sold domestically. REUTERS