3 days Ago
Thailand is pushing for South Korean investment as it aims to create a green and digital future. Deputy Commerce Minister Suchart Chomklin emphasised Thailand’s strategic readiness to engage with South Korea in shaping the future economy through green and digital transformation. Speaking at the IGNITE Thailand–Korea Business Forum at Lotte Hotel Seoul on April 22, he underlined Thailand’s commitment to a free, transparent and predictable trade environment.
Mr Suchart invited Korean investors to participate in Thailand’s evolving industrial landscape. The event, jointly organised by the Royal Thai Embassy in Seoul, the Industrial Estate Authority of Thailand and Herald Media Group, sought to deepen economic cooperation and attract Korean investment in next-generation industries. He highlighted key sectors where Thai-Korean cooperation could thrive, including electric vehicles, clean energy, biotechnology, defence, digital industries,and smart electronics industries where South Korea holds global competitiveness.
“Thailand’s potential in developing future industries, combined with South Korea’s strength in technology and innovation, presents vast opportunities for joint ventures, technology transfer and integration with startup and small and medium-sized enterprises [SME] ecosystems that will drive the Thai economy forward in the digital and green era,” said Mr Suchart. He said Thailand’s geographic and infrastructure advantages such as the Eastern Economic Corridor, the Land Bridge megaproject and investment incentives by the Board of Investment reinforce the country's position as a regional investment hub. As part of the government’s broader strategy, Mr Suchart confirmed Thailand is pushing forward free trade agreement (FTA) negotiations, in line with the prime minister's demands.
“We aim to conclude the Thailand-Korea Economic Partnership Agreement by 2025, strengthening investor confidence and open the door to expanded business opportunities between our two nations,” he said. Thailand has 17 FTAs covering 24 countries, with ongoing negotiations to deepen trade ties with key partners. During the forum, Mr Suchart also launched a cross-border QR code payment initiative between Thailand and South Korea.
This system will facilitate cashless transactions for tourists, consumers and SMEs, and support seamless trade in preparation for the forthcoming economic partnership, he said. In 2024, South Korea was Thailand’s 13th-largest trading partner, with total trade valued at US$14.7 billion, including $6.
07 billion in Thai exports and $8.67 billion in imports. Key exports included rubber products, refined oil, electronic circuits, aluminium products and sugar, while the main imports from Korea included electronic circuits, iron and steel, chemicals, machinery and electrical equipment.
For the first two months of 2025, bilateral trade tallied $2.41 billion, with exports at $913 million and imports $1.49 billion.
South Korean investment in Thailand also remains robust. In 2024, 38 Korean companies submitted applications for investment promotion in Thailand, totalling more than 4 billion baht, demonstrating long-term confidence in Thailand’s economic potential..
