China's brewery giant Tsingtao Beer announced Monday that it is setting up its first overseas plant in Bangkok, capital of Thailand.
The brewery exports beer to over 70 countries around the world. The overseas plant is expected to expand its share in the southeast Asian and European market, according to a statement from the company.
The plant will create hundreds of local jobs and produce about 200,000 kiloliters of beer each year. It will be completed in 18 months and put into operation in 2013, said Jin Zhiguo, chairman of the brewery.
Economic and cultural exchanges between China and Thailand has been growing rapidly, laying foundation for Chinese companies to invest in Thailand, said Li Qun, mayor of Qingdao on China's east coast where the brewery is based.
Chinese investment in Thailand has been growing. China invested 830 million U.S. dollars in Thailand in the first eight months of this year, exceeding the total investment last year, said Guan Mu, Chinese ambassador to Thailand, adding that Sino-Thai bilateral trade reached 49.4 billion U.S. dollars in the first nine months of this year.