SKorea, Thailand agree on investment expansion

BANGKOK, May 17 (TNA) - South Korean and Thai authorities have agreed that there should be expanding investment projects between the two allied countries. Speaking at a seminar, entitled “Korea-Thailand 60th Anniversary of Diplomatic Relations: Maekyung Thailand Forum”, organized by the Maekyung Media Group, a leading South Korean business media firm, at the Siam Kempinski Hotel Bangkok on Thursday, South Korean Minister of Trade, Industry and Energy (MOTIE) Paik Un-gyu acknowledged that investment by hundreds of South Korean firms in Thailand has created at least 30,000 jobs in the host country so far, as Seoul sees the Thai Kingdom's strength as the 2nd largest economy in the ASEAN Community (AC) and the world's 4th largest trade hub of electrical appliances. The South Korean MOTIE noted that Bangkok's industrial promotion policy now is in line with Seoul's 4th industrial restructuring policy, in which biotechnological, electric auto manufacturing, robotic and alternative energy industries are mainly promoted. The South Korean minister pointed out, however, that the investment proportion between South Korea and Thailand has remained small, compared with the sizes of the South Korean and the Thai economies, calling on expanding investment projects and relevant information exchange by both sides for the sake of sustainable economic growth of both countries, along with their bilateral cooperation in the political area. The South Korean MOTIE announced that Seoul will soon invite Thailand's Minister Attached to the Prime Minister's Office Kobsak Pootrakool and Industry Minister Uttama Savanayana to visit South Korea to explore more investment opportunities of both sides. Delivering a speech at the same seminar, Thai Deputy Prime Minister Somkid Jatusripitak, who oversees economic affairs, invited South Korean firms to participate in new mega-infrastructure development projects in the Thai economy, where more investment in the real estate, telecommunication and aviation sectors, as well as in the stock market are also welcome. The Thai deputy premier also invited South Korean firms to invest in the digital, innovative and other advanced technological projects in the Thai economy, especially in the government-supported Eastern Economic Corridor (EEC) Project and smart cities, saying that it is now a high time for expanding international investment in Thailand, thanks to the growing national economy, the launch of the Thailand 4.0 Policy and the Kingdom's strategic location connecting with promising economies in the region, especially Cambodia, Lao PDR, Myanmar and Vietnam, known as the CLMV group, and positive impacts from the country's plan on a new general election early next year. According to Deputy Premier Somkid, Thailand will host the 8th Ayeyawady Chao Phraya Mekong Economic Cooperation Strategy (ACMECS) Summit during June 15-16, in which leaders of Thailand and the CLMV group will participate to discuss regional cooperation plans that other allied countries are also welcome to join. Besides, the Thai government will discuss with South Korean top diplomats in Bangkok on jointly organizing the 2nd Meeting of the Korea-Thailand Committee on Economic Cooperation (KOTCOM) within this year, aimed to further strengthen bilateral ties and cooperation in economic issues. An over 150-member South Korean delegation, led by the South Korean MOTIE and comprising of representatives of government agencies and about 70 leading business firms, arrived in Bangkok on May 16 for a two-day visit, marking the two countries' celebration of their 60th anniversary of diplomatic relations this year. (TNA)