Thailand's beverage company TCP Group said on Friday that it will invest 1.3 million yuan ($180,000) into its new production base in Nanning, Southwest China's Guangxi Zhuang autonomous region, as the company bets big on the Chinese market for greater growth.
The move marked the foreign company's further expansion into the country and moved its total investment into the Chinese market to 3.3 billion yuan over the past two years.
The new production base covers an area of about 90,000 square meters and is estimated to become one of the most important production bases for TCP's Red Bull products. Notably, it is equipped with four fully-automatic production lines.
Saravoot Yoovidhya, CEO of TCP Group, said that, in recent years, the Chinese government has continuously strengthened intellectual property rights protection, created a market-oriented, world-class business environment governed by a sound legal framework, and allowed foreign-funded enterprises to receive national treatment.
"Such efforts undoubtedly injected stronger impetus to the development of TCP Group and other foreign-funded enterprises in China," he said.
As the Regional Comprehensive Economic Partnership, or RCEP, entered into force, Yoovidhya said that more benefits enabled by opening-up have been unleashed and China-Thailand economic and trade exchanges have deepened.
"Nanning, with a unique location advantage, serves as an international channel for two-way communication between China and ASEAN markets. This investment in Nanning will help us further expand the business in China," he added.