[Thailand Forum] Bangkok forum ignites new momentum in Korea-Thailand business ties

BANGKOK — South Korea and Thailand signaled fresh momentum in their economic partnership on Monday, as the Ignite Thailand-Korea Business Forum in Bangkok brought government officials and corporate leaders together to push for deeper cooperation and new business opportunities.

Jointly organized by Herald Media Group — publisher of The Korea Herald and The Herald Business — together with the Embassy of Thailand in South Korea and the Industrial Estate Authority of Thailand, the forum drew roughly 500 government officials, lawmakers and business leaders from both countries.

Senior attendees included Ekniti Nitithanprapas, Thailand’s deputy prime minister and finance minister; Karn Karuhadej, an economic adviser to the Thai Foreign Ministry; and Tanee Sangrat, Thai ambassador to Seoul. From the Korean side, Deputy National Assembly Speaker Lee Hack-young, Rep. Maeng Sung-kyu of the Democratic Party of Korea and South Korean Ambassador to Thailand Park Yong-min took part. Lee Yong-min, chair of the Korean-Thai Chamber of Commerce, joined to represent Korean firms operating in Thailand.

“With the leaders of both countries gathered here, it shows that South Korea and Thailand are moving forward together, hand in hand,” Jung Won-ju, chair of Herald Media Group and Daewoo Engineering & Construction, said in opening remarks. "We have come together today to ignite a new phase of collaboration between our two countries.”

The forum came on the heels of discussions between President Lee Jae Myung and Thai Prime Minister Anutin Charnvirakul at the APEC summit in Gyeongju, North Gyeongsang Province, last month, where the two agreed to advance Korea-Thailand relations as strategic partners. It also followed a two-day Seoul edition of the business forum in April, adding momentum to the relationship as the two countries mark 67 years of diplomatic ties.

Chair Jung said bilateral economic engagement remains out of step with the depth of the broader relationship, noting Korea ranked only 13th among Thailand’s trade partners last year. “If the April discussion opened the door to Korea-Thailand cooperation, today is a chance to turn that into tangible outcomes,” he said.

In a keynote speech, Thailand's Deputy Prime Minister Ekniti highlighted shared priorities in sectors such as smart agriculture, modern electronics and advanced manufacturing, calling Korea his nation's “natural strategic partner.” Strengthening cooperation would unlock “far greater growth for both," he said.

Seoul's Deputy Speaker Lee Hack-young also pointed to the overlap in economic strategy. “When the ‘Ignite Thailand’ strategy meets Korea’s advanced industries, smart infrastructure and digital transformation experience, the two countries can emerge as Asia’s next growth axis,” he said in his keynote address.

“Ignite Thailand,” the government’s signature economic blueprint, aims to reposition the country as a global industrial hub by boosting tourism, medical services, future mobility and digital finance, backed by investment in infrastructure and skills.

The forum’s first session examined trade and investment opportunities, with officials providing an update on the ongoing Comprehensive Economic Partnership Agreement negotiations. Kwon Hye-jin, deputy minister for trade negotiations at Korea’s Ministry of Trade, Industry and Resources, and Chotima Iemsawasdikul, director general of Thailand’s Department of Trade Negotiations, both reiterated their governments’ push to accelerate progress.

Investment agencies, including Thailand’s Board of Investment, the Industrial Estate Authority and the Eastern Economic Corridor Office, followed with pitches on incentives aimed at attracting Korean firms.

The second session spotlighted cultural and creative industries, an area where both governments see growing soft-power leverage. Speakers included Chakrit Pichyangkul, executive director of the Creative Economy Agency, and Cho In-je, CEO of Purito Seoul, who highlighted potential collaboration across beauty, content and consumer products.

Roughly 200 companies from the two countries participated in networking and business meetings through the afternoon.

Bangkok is the fifth overseas venue for Herald Media Group’s business forum series, following Vietnam in 2022, Indonesia in 2023, and Mongolia and India in 2024.