South Korean businesses will be given more investment opportunities in Thailand as the Southeast Asian country seeks to develop future industries and promote investor-friendly policies under its nationwide scheme to revitalize the economy, Thailand’s Prime Minister Prayuth Chan-ocha said on Wednesday.

“Until now, Korea had less opportunity to invest in Thailand as compared to Japan and China but there will be more opportunities in future,” Prayuth said, in a meeting with Korean businesses at his residence inside Government House Complex in Bangkok, Thailand, on Wednesday. The meeting was held on the sidelines of the two-day Maekyung Thailand Forum being held at Siam Kempinski Hotel in Bangkok until Thursday.

During the meeting, Prayuth expressed hope that the Maekyung Thailand Forum will offer an opportunity for Korea and Thailand to expand bilateral cooperation and human resources exchange to transform various parts of Thailand into innovation cities. The forum is being held to mark the 60th anniversary of diplomatic ties between Korea and Thailand this year.

“The Thai government has amended the investment promotion act to expand foreign investment,” Prayuth said. “It also has a clear policy for investors to promote their business in a friendly environment.”

Prayuth noted that Thailand’s investment-friendly policies and government-led direction to nurture future industries will serve as an important opportunity to Korean companies wishing to invest in Thailand.

As part of efforts to attract foreign investment, Thailand introduced the Eastern Economic Corridor, a national development plan for the country’s eastern seaboard that seeks to link its strong transportation network with human resources.

Prayuth invited Korea as a partner to Thailand’s infrastructure development and urban modernization plans.

Prior to the business event, Maekyung Media Group Chairman Chang Dae-whan and business sector officials including Sohn Kyung-shik, chairman of the Korea Employers Federation, met with Prayuth and relayed wishes of Korean companies seeking business ventures in Thailand

The main event of Maekyung Thailand Forum on Thursday will raise discussions on boosting bilateral economic ties in the era of 4th industrial revolution, the two countries’ future financial industries, and Thailand 4.0 policy as a gateway to Association of Southeast Asian Nations. The event will be attended by Thailand’s Deputy Prime Minister Somkid Jatusripitak who will accompany heads of four ministries including trade, digital economy, and energy, and deliver advantages and opportunities in investing in Thailand.

By Lee Seung-hoon and Lee Eun-joo

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