Charoen Pokphand Foods Plc (CPF) plans to invest two billion baht in overseas projects this year and source more raw materials abroad to benefit from the baht’s rise against the US dollar.
The budget is part of a four-billion-baht investment the company is planning
this year to expand at home and abroad in a wide range of farm businesses,
including new feed mills, poultry farms and processing plants. CPF has expanded
in Vietnam, Turkey, China, India, Malaysia, Russia, Laos and the Philippines.
CPF president and CEO Adirek Sripratak said that offshore investments
were among several measures to reduce risk from baht appreciation, which has
hurt Thai exporters.
The baht has gained almost 8% against the US dollar
so far this year. The increase has trimmed CPF’s revenue by about 4% so far, and
may affect the sales projections of Thailand’s leading food exporters in the
first half of this year.
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