GM seeks funding from Thai Govt. and banks

General Motors Inc., has been managing to meet its ends uptil now only with the aid of a U.S. bailout and now the company goes further to seek funds from Thailand’s government and banks to help fund its one-ton pickup truck manufacturing and planned $445 million diesel engine factory in the eastern seaboard province of Rayong. Thailand is a major production and export hub in Asia for pickup trucks.

“Due to the financial crisis which affects every major automobile manufacturer in every country of the world, our projects are delayed, notably our diesel engine plant at Rayong. This calls for alternative funding solutions that will allow us to keep up with the progress we need to make,” Steve Carlisle, president of General Motors Southeast Asia, said in a statement released Wednesday.

“This (diesel engine) project isn’t for the sole benefit of GM alone, as it will also help protect and boost employment and investment in Thailand,” he added.

Last August, the company had announced its plans to invest $445 million to build a diesel engine plant in Thailand and upgrade an existing assembly factory. The production of the new plant was supposed to begin in 2010 with an annual capacity of more than 100,000 units. However, the sinking global market forced GM to go cap in hand to the American government for a $13.4 billion lifeline as it teetered on the brink of collapse.

Annual war games launched in Thailand

Thailand launched its annual war games Wednesday with troops from the United States, Japan, Singapore and Indonesia linking up with Thai forces for two weeks of joint military exercises. Thailand has allocated 40 million baht (1.1 million dollars) for the games, while the United States would contribute 13 million dollars.

About 11,600 military personnel from the five nations are involved in the games, which run until February 17. Nearly 7,300 troops have come from the United States to train with about 4,000 from Thailand, 106 from Singapore, 75 from Japan and 113 from Indonesia in air, water and ground exercises. The training will be held in various locations across the country and will also carry out humanitarian projects.

The opening ceremony of this biggest war games in Southeast Asia was held in the northern city of Chiang Mai. On the occasion, US Deputy Chief of Mission James Entwistle said the focus would be on peacekeeping and humanitarian operations.

“Multinational responses to regional crises are likely to be the norm in the future. It is therefore vital that friends train together in order to better address future requirements,” Entwistle told the gathering.

“Cobra Gold is unparalleled in preparing our militaries for the real-world priorities of peace support, stability and reconstruction, humanitarian assistance and combat operations,” he said.