Thai PM encourages South Korea to invest more in Thailand, ASEAN

BUSAN, SOUTH KOREA, December 11 (TNA) - Prime Minister General Prayut Chan-ocha has invited the South Korean private sector to invest more in member countries of the Association of Southeast Asian Nations (ASEAN), especially in Thailand, where there are economic measures to facilitate international trade and investment. The Thai prime minister made the invitation on Thursday, when he delivered a speech on “Global Economic Outlook and the Role of Asia”, at the ASEAN-Republic of Korea (ROK) Commemorative Summit 2014 in Busan. The Thai premier proposed that Asian countries quickly strengthen their economies by integrating their strong points, saying that South Korea, for example, is good at education, information technology (IT), green economy, creative and entertainment industries, as well as alternative and renewable energy. In case of the 10-member ASEAN, the Thai prime minister pointed out that ASEAN member countries will combine their markets and production bases by the end of 2015, which should create new and considerable opportunities for international businesses and investment, urging South Korean businesses to make the most use of ASEAN in energy and agricultural fields. The Thai premier acknowledged that his government is revising regulations to more facilitate businesses, including amending all tax-related laws concerning the establishment of regional offices, and streamlining relevant procedures on the issuance of work permits for foreigners in order to attract more international investors. The Thai leader also invited South Korean business operators to invest in small and medium-sized enterprises (SMEs), infrastructure development and digital and green economy projects in Thailand to support and sustain national development. According to the Thai premier, Thailand still lacks technologies and knowledge in environmentally- friendly businesses and, thus, welcomes investment projects which include technological transfers, research and development (R&D) and capacity enhancement. The Thai prime minister stressed that there are considerable rooms for ASEAN and South Korea, as well as for South Korea and Thailand to cooperate. (TNA)