Mitsui, PTT to form robotics, AI venture in Thailand

22, Jan. 2020

Photo by Franck V. on Unsplash
Photo by Franck V. on Unsplash

BANGKOK, NNA - Major Japanese trading house Mitsui & Co. has teamed up with Thai state-backed oil firm PTT Public Co. to launch a joint venture for artificial intelligence and robotics technologies in line with the Thai government's initiative to promote an innovation-based economy.

Under an agreement signed Monday, Mitsui's Thai arm, Mitsui & Co. (Thailand), and PTT will establish an equally owned joint venture by February, according to Mitsui. The trading house declined to disclose details such as the name, capital or location of the new entity.

The joint venture will initially focus on developing a system integrator capability to help local Thai firms adopt artificial intelligence and robotics technologies in the industrial sector, said a PTT statement released on Monday.

The "cooperation will be a mechanism that drive our country's economy by encouraging the industrial sector to use robotics and artificial intelligence in response to the government's Thailand 4.0 policy," Wittawat Svasti-xuto, chief technology and engineering officer at PTT, said in the statement.

"Therefore, the expansion of production will occur, leading to a growing robotics industry and widespread automation," Wittawat said.

The agreement is a milestone for PTT's new business investment strategy, addressing the changing era of digital transformation, he added.

The Thai government is calling for investment in the robotics and digital fields under its Thailand 4.0 drive to help develop innovation-based future industries. (NNA/Kyodo)

Wittawat Svasti-xuto (2nd from R), chief technology and engineering officer at Thailand’s PTT Public Co., Reiji Fujita (far R), president and CEO of Mitsui & Co. (Thailand) Ltd., attend a signing ceremony for a joint venture in Bangkok on Jan. 20, 2020. (Photo courtesy of PTT)
Wittawat Svasti-xuto (2nd from R), chief technology and engineering officer at Thailand’s PTT Public Co., Reiji Fujita (far R), president and CEO of Mitsui & Co. (Thailand) Ltd., attend a signing ceremony for a joint venture in Bangkok on Jan. 20, 2020. (Photo courtesy of PTT)