Thailand Sees Promising Growth in Auto Parts Industry; To Host TAPA 2010
Thailand expects its auto parts industry to grow as demand for vehicles and auto parts increase in South East Asia.
Revenue for the automotive parts and products, automotive accessories, and automotive equipment and machinery industries in 2010 is likely to increase 12 percent year-on-year to an estimated value of US$ 16.8 billion or 560 billion baht.
Mrs. Srirat Rastapana, Director General of the Department of Export Promotion (DEP), Ministry of Commerce, Thailand, said that the country is expected to produce 2 million vehicles in 2012 and 2.5 million vehicles in 2015, of which, more than 50% will be for export.
She added Thailand's auto parts industry is also expected to benefit from the elimination of import duties on automobiles and parts under the ASEAN Free Trade Area (AFTA) scheme. The 5 per cent tax on CKDs and parts traded among 6 ASEAN countries -- Thailand, Malaysia, Indonesia, Brunei, Singapore and Philippines -- had been removed on January 1, 2010.
"The removal of tax obstacles would generate both new opportunities and challenges of international trade to the Thai auto parts industry. In particular, there would be new opportunities to expand exports of Thai auto parts for both OEM and REM to much larger markets in 2010," said Mrs. Rastapana.
DEP together with Thai Auto-Part Manufacturers Association will be organizing the Thailand Auto Parts & Accessories (TAPA) 2010 exhibition from April 28-May 2 at the Bangkok International Trade & Exhibition Center.
The organizers for TAPA 2010 have also introduced ASEAN Pavilion, aimed at promoting ASEAN as the regional sourcing hub for auto parts and accessories. Leading auto parts and accessories companies from Indonesia, Malaysia, Philippines, Singapore and Vietnam have confirmed their participation.
DEP expects TAPA 2010 to generate sales worth US$650,000 during the 5-day exhibition. This year's exhibition expects over 16,000 visitors from ASEAN, South Asia, Japan, Taiwan, Australia, Africa, Europe and Middle East, up 10 per cent from 2008.
"We hope that TAPA 2010 will promote Thailand as a regional sourcing hub for automotive parts and accessories in ASEAN," says Mrs. Rastapana.
"I would like to urge companies looking to source for quality auto parts and accessories at competitive prices to visit TAPA 2010," she added.
For more information, visit: www.thailandautopartsfair.com
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