South Korea and Thailand can build a strong partnership based on mutual growth, attendees at the Ignite Thailand-Korea Business Forum discussed.
Co-hosted by Herald Media Group, the Royal Thai Embassy in Korea and the Industrial Estate Authority of Thailand, the two-day event at Lotte Hotel Seoul aimed at deepening the bilateral economic ties.
Commemorating the 67th anniversary of diplomatic relations between the two nations, the forum welcomed a large delegation of high-ranking Thai government officials and leading corporate executives. Roughly 500 attended the event.
Thailand’s Deputy Minister of Commerce Suchart Chomklin delivered the keynote address, underlining the country's growth potential as a foreign investment destination.
“This forum, being held in partnership between both public and private sectors of the two countries, reflects their strong willingness for partnership. We are to join hands for all economic cooperation, including future investments. The event is an opportunity to show Thailand’s potential to Korea, and will provide a chance for businesses to connect,” he said.
Chomklin highlighted the country’s need to invest in sectors of high potential, enhancing foreign investors’ faith in the Thai market through financial and capital markets, and building up a business-friendly environment.
“The Thai government is accelerating the push for future drivers. This will be good news for Korean companies as they are strong in tech and innovation. The two countries would be able to create synergy in many ways.
“Thailand can be an attractive investment destination as the local government is working to foster an open, transparent and predictable trade environment,” he said
Chomklin further stressed that Korea and Thailand are currently negotiating a bilateral Economic Partnership Agreement. The two sides held their fifth round of negotiations this week. Under such an agreement, partner nations can establish a mutually beneficial trade network.
“The negotiation will not be easy. But I will work to bring an outcome that can benefit both parties,” he said.
“Korea and Thailand have had a longtime partnership. During the Korean War, Thailand helped South Korea by deploying its soldiers,” he said. “Though we do not give privilege to certain nations, I can promise that we support investors of all countries with transparency and fairness.”
Tanee Sangrat, Thailand's ambassador to South Korea, gave his welcoming remarks. Having taken the post in April 2024, he has been bridging the communication between the two countries for nearly a year.
“Thailand and Korea have been cooperating across many sectors for a long time,” he said.
Korea was Thailand’s 13th largest trading partner in 2024, and Thailand was Korea’s 18th largest trading partner the same year, the ambassador explained.
“This forum is being held to invigorate bilateral business networks and country-level communication. Through the event, Thailand can share that it welcomes Korean investments and opportunities are open."
Choi Jin-young, CEO of Herald Media Group, delivered congratulatory remarks.
“This forum is a meaningful opportunity for top business leaders from Thailand to share major economic policies, investment opportunities and partnership visions. Various forms of cooperation will be discussed — from infrastructure development and finance to defense and startups,” Choi said.
“Though Korea-Thai ties have steadily strengthened over the years, there is still room for growth in bilateral economic exchange. To that end, we will organize a business delegation to visit Bangkok and hold a follow-up business forum there in December.”
The forum continued with a presentation by Prassanee Ouiyamaphan, executive vice president of Bangkok Bank, who introduced Thailand and Korea’s cross-border QR payment service. Through the service, Korean nationals can use QR payments at diverse establishments across Thailand from May.
“The means of consumption are changing globally. Digital wallets have been growing rapidly since the COVID-19 pandemic. By 2026, 59 percent of the global population is expected to use QR code payments, with the Asia-Pacific region being the largest QR payment market,” she said.
Other speakers stressed Thailand’s potential and readiness in attracting foreign investments.
“Thailand is a strategic hub of Southeast Asia and is geographically close to China and India, two of the world’s largest markets,” added Suthiket Thatpitakkul, deputy secretary-general of the Board of Investment of Thailand.
“Many multinational companies consider Thailand a second home. Despite global geopolitical uncertainty, foreign investment in Thailand’s automobile and advanced technology sectors continues to grow,” he said.
Yuthasak Supasorn, chair of the Industrial Estate Authority of Thailand, outlined how his agency helps foreign firms set up operations in the country. The state enterprise is responsible for the development and establishment of industrial estates.
“We are a public enterprise under the Industry Ministry. It is ideal for foreign firms to invest in pre-prepared sites, and we help them operate sustainably and with environmental responsibility.”
“For investors, it would be important to make the investments and collect the money back as soon as possible. This could only happen if they invest in pre-prepared sites. That is where the IEAT comes in,” he said.
silverstar@heraldcorp.com
