From finance to defense: Thailand-Korea forum maps path for collaboration

Thailand’s Deputy Minister of Finance Julapun Amornvivat underscored his country's economic partnership with South Korea at the Ignite Thailand-Korea Business Forum in Seoul on Wednesday, highlighting efforts to leverage the countries’ complementary strengths in a new era of financial cooperation.

Serving as a gathering place for exploring economic cooperation across a diverse range of sectors, the two-day event -- held Tuesday and Wednesday at Lotte Hotel Seoul -- was co-hosted by Herald Media Group, the Royal Thai Embassy in Korea and the Industrial Estate Authority of Thailand.

“The forum represents our nations' shared commitment to economic growth, innovation and partnership,” the deputy finance minister said in his keynote address. “South Korea’s remarkable journey as a global financial and technological leader offers a powerful inspiration. Thailand sees enormous value in learning from these experiences, while also contributing our unique strengths and perspectives to this partnership.”

Amornvivat introduced Thailand’s Financial Hub Initiative, aimed at positioning the country as a leading financial center in Asia alongside hubs like Seoul, while highlighting its strategic location, competitive business climate, strong infrastructure and fast-growing digital ecosystem.

Backed by new legislation, the plan focuses on four pillars: competitive incentives, a specialized regulator, workforce development and a market strategy targeting non-resident clients.

“Our holistic yet targeted approach to financial innovation uniquely positions Thailand to collaborate with global financial hubs such as Seoul, creating new avenues for growth, innovation and mutually beneficial cooperation in digital finance, sustainable investments and advanced fintech solutions,” he said.

He added that Thailand’s evolving economic profile will extend beyond traditional sectors, creating new opportunities for Korean businesses and serving as a dependable gateway to Southeast Asia’s dynamic markets.

Lee Sang-jun, vice president of the Korean-Thailand Chamber of Commerce, also delivered a presentation highlighting Thailand as a promising destination for Korean businesses seeking stability, quality and long-term growth opportunities.

“While Korea is strong in research and development, Thailand’s advantage lies in its manufacturing capacity and production efficiency. Thai companies excel in OEM partnerships, allowing Korean firms to focus on innovation while leveraging local production for competitive, high-quality exports,” Lee said.

Lee further emphasized Thailand’s private-sector-led approach, with supportive but non-intrusive government policies, that empowers businesses to grow organically.

“Thai partners are known for respecting foreign technologies, while its diplomatic stance balances relationships with major powers like China, the US and Japan,” Lee added.

The forum also featured a session with nine presenters from major Thai industrial and real estate developers -- including Amata City Chonburi, WHA Eastern Seaboard Industrial Estate, Asia Industrial Estate, Bhakasa Industrial Estate, ARAYA Industrial Estate, LPP Industrial Estate, Rojana Industrial Park PCL, Saha Pathana Inter-Holding PCL and the Industrial Estate Authority of Thailand -- who introduced their industrial complexes in a bid to attract investment from Korean firms.

They underscored Thailand’s appeal as a destination where Korean firms can grow with strong local support and partnership.

Showcasing a concrete example of Korean investment in Thailand, the forum included a signing ceremony for a letter of intent between the Industrial Estate Authority of Thailand and Korean energy company Enerth, signifying their mutual interest in the Smart Park Industrial Estate in Thailand.

In a session featuring Korean company Hanwha Aerospace, Thai defense firm Chaiseri Metal and Rubber and Thailand’s Defense Technology Institute, participants discussed the future of bilateral defense collaboration, underscoring a shared commitment to safeguarding peace and freedom in the Indo-Pacific region, across Asia and beyond.

“In line with Thailand’s move to strengthen its mechanized infantry capabilities, we plan to transfer the upgraded technology from our domestically developed armored vehicle to Thailand,” said Jung O-sung, deputy general manager at Hanwha Aerospace.

He said that Korea’s robust and responsive supply chain aims to expand into MRO (maintenance, repair and overhaul) services for other equipment used by the Thai military.

Chaiseri Metal and Rubber also expressed optimism about the growth potential of the defense sector.

“We continue cooperating with Hanwha in areas such as armored vehicles and communication equipment, as we currently lack some technological capabilities in these areas,” said Krit Koolhiran, assistant managing director at Chaiseri Metal and Rubber.

"The potential for broader collaboration with Korea spans various areas, including weapon systems and combat management systems," he added.

The forum concluded with a session focused on forming business partnerships with micro, small and medium-sized enterprises from Thailand and Korea.

The panel featured representatives from Thailand’s National Innovation Agency, Techsauce, SEA Bridge, and the Seoul and Daejeon Centers for Creative Economy and Innovation.

“We are actively fostering startups that are well-suited for both the Korean and Thai markets. This includes cooperation in cutting-edge fields such as AI and blockchain, particularly with technology-driven startups,” said Kanoch Rativanich, senior innovation counseling manager at Thailand's National Innovation Agency.

“Our goal is to link Korean corporates and startups with the real-time needs of Thai enterprises, creating timely, targeted partnerships,” remarked Kim Young-june, head of the innovation department at the Seoul Center for Creative Economy and Innovation.

This approach enables a more agile and effective collaboration model where Korean innovation can meet Thailand’s evolving industrial and technological demands, Kim added.