When trade war tariffs jolted Chinese tire-maker Prinx Chengshan into speeding u...
CHONBURI, Thailand - When trade war tariffs jolted Chinese tire-maker Prinx Chengshan into speeding up foreign investment plans, the company wound up in Thailand, thanks to that country’s relentless courtship.
“This impressed our company, and this is also one of the main reasons for choosing Thailand,” Ju told Reuters. “It’s apparent that the government values doing business with us.” Thailand’s biggest industrial estate developer WHA , which has nine developments in the area, said Chinese companies account for 43 percent of its land sales, up from less than 3 percent before the trade war.
“The government couldn’t fulfill several of the promises made to us and we eventually gave up,” Ju said at his makeshift office near the building site. One Bangladeshi factory owner, Faisal Samad, said new orders from the United States had pushed his export volumes up 20% this year. A Nomura study of 56 firms relocating production from China between April 2018 and August 2019, when trade war tensions have been highest, showed 26 going to Vietnam, 11 to Taiwan and eight to Thailand.
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