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BANGKOK - At 79, Thai businessman Boon Vasin's latest 0 million venture is a bet on a market he knows well - looking after Thailand's rapidly growing population of old people.

Average life expectancy had risen to over 70 years by the end of 2019 from 35.5 years in the 1950s, the region's health authorities said.

Authorities should make policies to help export-oriented firms to expand in the domestic market, while imports of high-quality foreign goods will be encouraged through channels such as cross-border e-commerce.

BAIC has adopted a flexible production model that combines people, machines and production processes. This allows the automaker to produce sedans and SUVs on the same production line in several of its plants, and in the future with either a pure electric or traditional combustion engine.

Audi was the first premium carmaker to start localized production in China. It now holds a 10 percent stake in its joint venture FAW-Volkswagen, which produces about 90 percent of all Audi-branded vehicles sold in the country.