South Korea and Thailand may seek cooperation across a range of sectors, including electric vehicle manufacturing, smart city development, and waste management, according to senior executives from Thailand's state economic development authorities.

Media sources interviewed three senior executives during their recent visit to South Korea for the Ignite Thailand-Korea Business Forum, held last month. The executives stated that Thailand offers streamlined procedures for foreign investment and aims to support integrated and balanced economic growth.

Triple incentives for foreign capital

"Investment in Thailand is relatively low in cost, time-efficient, and offers operational advantages," said Yuthasak Supasorn, Chair of the Board of the Industrial Estate Authority of Thailand (IEAT).

The IEAT is responsible for developing and managing industrial estates, which are designated zones for industrial activity. There are approximately 70 such estates in the country.

Supasorn stated that investors could receive what he termed "triple incentives" by selecting specific investment locations in Thailand.

"The Board of Investment can provide incentives for choosing Thailand. If a foreign company invests in the Eastern Seaboard, further incentives are available through the Eastern Economic Corridor. If the investment is facilitated through the IEAT, additional benefits are provided. This constitutes a triple incentive," he said.

Supasorn also raised the possibility of cooperation with Korean companies in the electric vehicle sector.

"Thailand is a significant producer of automobiles in ASEAN, and Korea has relevant technological expertise. The two countries can work together based on their respective capabilities," he added.

Beyond a manufacturing hub

"Thailand is no longer focused on competing through low labour costs. It aims to expand its role to include research, design, and service activities in Southeast Asia," said Suthiket Thatpitakkul, Deputy Secretary-General of the Board of Investment (BOI) of Thailand. The interview was conducted in Thai and translated into Korean at the time.

The BOI is responsible for promoting and facilitating investment in Thailand through various incentive schemes and administrative services. Thatpitakkul described the BOI's investment policy as both regulated and adaptable.

"The BOI provides a one-stop service to support the foreign investment process. In addition to attracting investment, it also helps to manage projects and can act as an intermediary in resolving issues faced by investors in Thailand," he said.

He further added that while countries such as Japan and China have maintained long-term investment in Thailand, there is potential for Korea to increase its level of investment.

"Thailand seeks balanced engagement. Although Korea's investment volume may be limited, it has been consistent. The BOI is available to assist Korean businesses in expanding their presence in Thailand," he stated.

He also noted that Korea's technological expertise may align with Thailand's development goals and that cooperation could serve mutual interests.