BANGKOK - MITSUBISHI Electric and Hitachi Plant Technologies this week announced their decision to invest in Thailand, despite reportedly eroding confidence among foreign investors in the aftermath of floods.
Mitsubishi said on Monday it would strengthen its global supply of parts and engineering services through the establishment of a parts-supply and engineering company in Thailand.
The firm is launching a new state-of-the-art elevator which promises lower carbon emission through higher energy efficiency, and plans to have the model manufactured in Thailand by its Thai subsidiary, Mistubishi Elevator Asia.
Meanwhile, a parts-supply and engineering subsidiary, Meltec Parts & Engineering, has been established in Chon Buri.
Working in cooperation with Mitsubishi Elevator Asia, the new company will supply elevator parts worldwide, taking over the role from Mitsubishi Electric's Inazawa Works in Japan. Meltec Parts & Engineering will also provide modernisation and renovation services to building owners, using its strong engineering capabilities.
Hitachi Plant Technologies said it will also establish a subsidiary in Thailand. Together with investment in Indonesia and Vietnam, it plans to develop autonomous diversified operations and build close ties with customers and communities in South-east Asia.
Thailand's severe floods inundated nearly 1,000 factories in seven industrial estates, causing huge damage. A large number of manufacturers were flooded while others suffered from supply-chain disruptions. The catastrophe is posing huge risks to the insurance industry.