Red Banner President Yoon Suk-yeol urges South Korea to invest in advanced innovations in the EEC.

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By Jaturong Kobkaew -April 24, 2022

South Korean investors continue to invest in Thailand. Statistics from the Board of Investment (BOI) gathered investment numbers five years before the COVID-19 outbreak (2015-2019), there were 140 investment projects from South Korea applying for promotion, totaling 19,840 million baht.

77% of which were investments in the Eastern Special Development Zone (EEC) in 3 provinces, mostly in the electrical and electronics industry. Steel and metal products, chemicals, automotive parts, food processing and digital, are among the 10 countries with the most investments in the EEC. Even in the past, faced with the Covid-19 situation The two countries also have the potential to greatly expand economic cooperation between them. especially in the fields of futuristic industries and green economy. which is a branch that South Korea specializes in.

In the past, South Korean investors who invested in Thailand, usually a large capital group focusing mainly on investing in electronic appliances, but today the new wave of South Korean investors are mostly SMEs. Looking into the automotive parts industry of the future, Automatic machinery , robotics, medical, agricultural and food biotechnology. Many of which are in the S Curve industry. Many of them are in the process of negotiating joint ventures with Thai entrepreneurs as labor costs in South Korea increased by 30% in the previous period. In addition, the South Korean government has a policy to encourage investment in ASEAN. Because they want to expand the market in this region more, the EEC is one of the investment goals from South Korea.

“We are ready to fully support Thailand’s EEC project. By collaborating with the policy of industrial revolution towards Industry 4.0, which is in line with the Thailand 4.0 policy, creating cooperation to support startup entrepreneurs from Thailand and South Korea. including the opening of markets and free trade between Thailand and Korea.” Mr. Moon Jae-in, President of South Korea used to mention the policy to support South Korean investors in Thailand.
Yoon Suk -yeol

Mr. Yoon Suk -yeol // yoonlove.com

However, South Korea just had a presidential election on Wednesday, March 9, 2022, under the Constitution of the Republic of Korea. The five-year term for the president means Moon Jae-in is ineligible to run for a second term. Election results show that former Attorney General Yoon Suk-yeol Democratic presidential candidate from South Korea’s conservative opposition win the election. He will serve as the country’s leader for five years in May after President Moon Jae-in.

Mr. Moon Seoung-hyun, Ambassador of the Republic of Korea to Thailand, pays a courtesy call on General Prayut Chan-o-cha, Prime Minister and Minister of Defense on April 21, 2022, on the occasion of taking office by discussing economic cooperation trade and investment, Both sides welcomed the increase in trade and investment value between Thailand and South Korea even in the face of the Covid-19 situation. The Prime Minister of Thailand saw that the two countries also have the potential to greatly expand economic cooperation between them. Especially in the fields of futuristic industries and green economy. The prime minister has invited more South Korean investors to invest in Thailand in the field that South Korea specializes in.

which the South Korean ambassador willing to support investment in Thailand especially in the Eastern Special Development Zone or EEC, with the desire for Thailand to consider promoting efficient specialized industries to make progress clearly and asked Thailand to consider asking South Korea to set up a financial institution in the country as well.

The atmosphere showed that the new president, Yoon Suk -yeol, still supporting investment policy in Thailand like President Moon Jae-in used to support, unchanged.

The Republic of Korea’s private sector is one of the 10 countries that invest the most in the EEC area, especially the automotive industry, electronics and petrochemicals, and can also expand investment in innovation in the EEC area, focusing on the biotechnology industry, modern vehicles , robots and automation. This is in line with Thailand’s policy to promote investment in the BCG economy.

The Eastern Economic Corridor Innovation Zone or EECi in the Wangchan Valley area, It is the main area that will support the modern industry of South Korea very well. Help expand cooperation in the development of innovation investment ecosystem to cover all dimensions. From the investment promotion until the development of personnel in the targeted industries.

In addition to the interest in investing in Thailand, South Koreans are still popular to travel to Thailand as a top priority. And love Thai food very much. While Thai people prefer to learn Korean as the number one, reflecting the close ties between the peoples of the two countries that remain close.

(Pictures from www.koreaherald.com and www.thaigov.go.th)

Jaturong Kobkaew : With a passion for the scent of ink, After graduating from Phranakhon Rajabhat University. He applied to be a writer with a small magazine in 1992 before being persuaded to write a pocket book novel into a publishing house. But fell into the imaginary world and soon returned to journalism with magazines and newspapers Until turning to the economic news, trade – investment since 1996 until now.

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