SKorea, Thailand ink deal on investment cooperation in biotechnology

BANGKOK, May 17 (TNA) - South Korea, through the Korea Biotechnology Industry Organization (KoreaBio), and Thailand, through the Board of Investment (BOI) under the Ministry of Industry, have signed a memorandum of understanding (MOU) on cooperation on the promotion and support of more investment projects in the biotechnological sector and on other joint business activities, namely seninars and business matching events. The MOU was signed in Bangkok on May 16 by KoreaBio Chairman Jeong-Sun Seo, Thai Permanent Secretary for Industry Pasu Loharjun and BOI Secretary-General Duangjai Asawachintachit, witnessed by Thai Minister Attached to the Prime Minister's Office Kobsak Pootrakool. According to BOI, South Korea's development of science and technology, especially biotechnology, and innovations in the electronic and digital sectors have been recognized by the world community and BOI, thus, wants to invite leading South Korean businesses to expand their investment projects in Thailand, especially in the government-supported Eastern Economic Corridor (EEC) Project and smart cities. BOI reported that leading South Korean companies have invested more than 230 projects in Thailand since 2010, totally worth more than 38.8 billion baht, mostly in the domestic electronic and heavy industrial sectors. A large South Korean delegation, led by South Korean Minister of Trade, Industry and Energy (MOTIE) Paik Un-gyu and comprising of representatives of government agencies and about 70 leading business firms, including those of KoreaBio, is visiting Thailand during May 16-17, as part of the two countries' celebration of their 60th anniversary of diplomatic relations this year. (TNA)