SINGAPORE (ICIS)--Thailand’s PTT Global Chemical aims to generate sales of baht (Bt) 2bn-3bn ($60m-90m) from neighbouring countries, Cambodia, Laos, Myanmar and Vietnam (CLMV), as it makes investments to boost the region's plastics industry, the company’s president and CEO Supattanapong Punmeechaow told ICIS.
“We set a firm target within 5 years to expand the CLMV plastic industry in South East Asia and AEC [ASEAN Economic Community] to 100,000 million Baht (Bt100bn),” Supattanapong said, adding that growth in the CLMV markets has been “very high and attractive when compared to other regions”.
“We aim to generate sales revenue from CLMV market of 2,000-3,000 million baht. By announcing the policy to support good customers to invest in CLMV countries, we will invest in the proportion of not more than 25% and [the company] has no policy to compete with customers,” the PTTGC chief said.
At the start of the year, PTTGC participated in a Myanmar venture of Thai plastic packaging material SP Pet Pack, in line with the group’s strategic plan to expand into the CLMV market.
PTTGC subsidiary Solution Creation Company (SUN) invested about Bt50m for a 25% stake in SP Pet Pack’s project to build a factory and develop the packaging market in Myanmar.
The Myanmar plant is expected to manufacture various types of plastic packaging products, such as oil tanks, gallon tanks, paint tanks, by November, the PTTGC chief said.
($1 = Bt33.2)
Interview article by Pearl Bantillo