Thailand-Korea forum kicks off in Seoul to deepen economic ties

The Ignite Thailand-Korea Business Forum kicked off in Seoul on Tuesday, providing a platform for participants to explore ways South Korea and Thailand can expand cooperation across diverse sectors.

Aimed at deepening bilateral economic ties, the two-day event at Lotte Hotel Seoul was co-hosted by Herald Media Group, the Royal Thai Embassy in Korea, and the Industrial Estate Authority of Thailand.

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.

“Thailand and Korea have been cooperating across many sectors for a long time,” said Tanee Sangrat, Thailand's ambassador to South Korea, in his welcoming remarks. “This forum is being held to invigorate bilateral business networks and country-level communication.”

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.”

Suchart Chomklin, Thailand’s deputy minister of commerce, delivered the keynote address.

“I am confident that our two countries can create synergy in many ways. Korea and Thailand are currently negotiating a bilateral Economic Partnership Agreement, which will boost competitiveness and strengthen both countries' supply chains,” he said.

“The negotiation will not be easy. But I will work to bring an outcome that can benefit both parties.”

Chomklin further stressed that Thailand can be an attractive destination for foreign capital.

“Investing in Thailand, investors can be safe from the risks of natural disasters or geopolitical tensions,” he said.

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.

“The means of consumption are changing globally. Increasingly, ASEAN consumers are opting to pay through QR codes,” she said, highlighting the partnership with Korean card issuer BC Card. ASEAN refers to the Association of Southeast Asian Nations.

“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 Thatpitak-Kul, 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.”

Yuthasak Supasorn, chairman of the Industrial Estate Authority of Thailand, outlined how his agency helps foreign firms set up operations in the country.

“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.”

In a later session, key speakers looked more closely into Thailand’s business development sector by sector.

Suksit Srichomkwan, deputy secretary-general to the Prime Minister of Thailand, introduced the Land Bridge project, which aims to connect the Gulf of Thailand to the Andaman Sea. The session continued with Dr. Chula Sukmanop, secretary-general of the Eastern Economic Corridor Office of Thailand. The ECC represents a special economic zone on the east coast of Thailand.

Dr. Soraphol Tulayasathien, senior executive vice president of the Stock Exchange of Thailand, introduced the Thai bourse operator and its cooperation with the Korean counterpart, the Korea Exchange.

Burin Adulwattana, managing director and chief economist of Kasikorn Research, presented Thailand’s economic outlook amid rising tensions in the trade environment following the US’ introduction of “reciprocal tariffs.”

Chaiyarit Anuchitworawong, senior executive vice president of Bangkok Bank, highlighted the resilience of the country's banking system.

On the second day, the forum will delve into a wider range of sectors, including infrastructure, defense and startups, where Korea and Thailand are believed to share significant synergy potential. Key speakers include Thailand’s Deputy Minister of Finance Julapun Amornvivat and Lee Sang-jun, vice president of the Korean-Thai Chamber of Commerce.

A full report on the two-day business forum will be published on Friday. – Ed.