Dow Chemical plans to invest 2 billion baht ($67 million) to expand its propylene glycol production in Thailand, the Board of Investment (BOI) said on Thursday.

The new plant, to be located at the Asia Industrial Estate in the eastern province of Rayong, would have annual capacity of 150,000 tons, the BOI said in a statement.

Propylene glycol is a raw material for the manufacture of consumer products in the medical and food sectors.

Dow Chemical, which has five propylene glycol plants, has invested about 142.4 billion baht in Thailand, including its own investments and joint ventures with Siam Cement, Thailand's top industrial conglomerate, the statement said.

The BOI issued the statement after a recent visit by Industry Minister Chaiwuth Bannawat to the United States to promote investment in Thailand.

Guardian Industries, a U.S. producer of glass and other car parts, planned to invest 1.5 billion baht to improve equipment at its plant in Saraburi province, the BOI statement said.