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The Japan Bank for International Cooperation (JBIC; Governor, CEO: Hiroshi Watanabe) signed today a loan agreement amounting up to THB20 million (JBIC portion) with Miyake Seiki (Thailand) Co., Ltd. (MYST), a Thai subsidiary of MIYAKE Seiki Co., Ltd. (MIYAKE Seiki; Headquarters: Aichi prefecture; President: Hideyuki Miyake). The loan is cofinanced with The Hyakugo Bank Ltd., bringing the total cofinancing amount to THB30 million.
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This loan is intended to finance the manufacturing and sales business of automobile and agricultural machinery precision gear conducted by MYST in Ayutthaya Province, Thailand. The funds will be used to invest in additional facilities.
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MIYAKE Seiki, a small and medium-sized enterprise (SME) specializing in gear manufacturing since its establishment in 1966, manufactures gears which are used in a wide range of fields, from automobiles and motorcycles to agricultural machinery, electric motors, and information technology. MIYAKE Seiki established MYST as its first overseas production site and seeks to expand its business in Thailand, where demand for automobiles and related sectors is expected to increase, backed by the country's steady economic growth. Through the support of such overseas business deployment of MIYAKE Seiki by Thai baht loan, this financing will contribute to maintaining and strengthening the international competitiveness of Japanese industries.
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As Japan's policy-based financial institution, JBIC will continue to support the overseas business deployment of Japanese companies, including mid-tier enterprises and SMEs, in growing markets such as Thailand, by drawing on its various financial facilities and schemes, including loans to meet the need for local currency funding, for structuring projects and performing its risk-assuming function.
