In a significant move to bolster economic cooperation, Thailand and South Korea have committed to enhancing their trade relations during a high-profile business forum held in Bangkok. The event, attended by key government officials and business leaders from both nations, focused on exploring new avenues for collaboration in various sectors, including technology, manufacturing, and tourism.
Key Takeways
- Deputy Minister of Commerce Suchart Chomklin addressed the IGNITE Thailand-Korea Business Forum in Seoul to promote economic collaboration. Held at Lotte Hotel Seoul, the event aimed to boost investment in next-generation industries and was organized by the Royal Thai Embassy, the Industrial Estate Authority of Thailand, and the Herald Media Group.
- Suchart encouraged South Korean investors to explore Thailand’s green and digital sectors, including electric vehicles, clean energy, and biotechnology. He emphasized Thailand’s strategic location and infrastructure, like the Eastern Economic Corridor and the Land Bridge project, positioning the country as a regional investment hub.
- With 17 free trade agreements already in place, Suchart noted the ongoing Thailand–South Korea Economic Partnership Agreement negotiations. Bilateral trade was valued at 14.74 billion US dollars in 2024, while South Korean investment saw 38 applications, totaling over 4 billion dollars, signifying strong trade and investment ties.
During the forum, representatives from Thailand highlighted the country’s strategic location as a gateway to Southeast Asia, emphasizing opportunities in infrastructure development and digital innovation. Meanwhile, South Korean delegates expressed keen interest in expanding their investment footprint in Thailand, particularly in the areas of renewable energy and smart city projects.Both nations agreed to work towards reducing trade barriers and facilitating smoother business operations, aiming to achieve a more balanced and mutually beneficial trade relationship.
Deputy Minister of Commerce Suchart Chomklin recently took part in the IGNITE Thailand-Korea Business Forum in Seoul, advocating for stronger economic ties between Thailand and South Korea. The event, held at Lotte Hotel Seoul, was orchestrated by the Royal Thai Embassy in Seoul, the Industrial Estate Authority of Thailand, and the Herald Media Group to boost investment in cutting-edge industries.
Suchart encouraged South Korean investors to explore Thailand’s burgeoning green and digital sectors, including electric vehicles, clean energy, and advanced electronics. He highlighted Thailand’s strategic location and infrastructure advancements, such as the Eastern Economic Corridor and the Land Bridge project, positioning the country as a regional investment hub.
Thailand has 17 free trade agreements with 24 countries, with ongoing negotiations on the Thailand–South Korea Economic Partnership Agreement expected to conclude soon, further solidifying trade and investment relations. Additionally, Suchart attended the launch of the Cross-Border QR Code Payment Project, enhancing digital transactions between the two nations. In 2024, bilateral trade reached 14.74 billion US dollars, showcasing strong economic engagement between the countries.
