CP to invest in food business in US

BANGKOK, March 16 (TNA) - Charoen Pokphand (CP) Group, Thailand's largest agro-industrial conglomerate, says CP plans to expand its investment in the food business in the United States; while maintaining its market base in the immense Chinese economy. Thanin Chiarawanon, Chairman of the CP board and chief executive officer or CEO, told reporters that negotiations are underway with possible US partners to jointly invest in the food business, as it has potential for growth and it is also a good timing because the United States is now facing economic problems and stock prices have sharply retreated. Thanin said if the joint investment plan breaks through, it will be a good opportunity for Asian food to spread business into the US economy. According to the CP top management and founder, his conglomerate will continue investing in China, where there are sufficient capital and human resources. The CP top executive suggested that Thai business operators not only find ways to invest in China, but also explore ways to export Thai goods to the huge Chinese market and vice versa, as the Chinese economy is foreseen to grow several times over the next 10 years. The CP founder also urged the Thai government to lower corporate tax to 16 per cent in Thailand to compete with Singapore and Hong Kong, where a 17 per cent corporate tax is imposed, and to attract more foreign direct investment into the Thai economy.(TNA)