BANGALORE, Aug. 26 – Toyota Motors plans to utilize the proposed Indo – Thai free trade agreement to tag India as a hub for manufacturing its small size cars for export to the global market.
While a few auto-parts already enjoy duty free status in India, the Indo- Thai FTA currently under negotiation is expected to make most auto parts and components used by Toyota and other car manufacturers duty free.
At present, Toyota imports critical engine parts for its higher end cars like the Corolla from Thailand. The company has earmarked Rs32 billion for 2008-11 to set up a second plant in Bangalore, increasing production from the current 80,000 per year to 200,000.
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