The government repeated its call for Koreans to beef up their investment in Thailand, especially in the digital economy and 10 targeted industries, as it aims to double two-way trade next year from US$12 billion (399 billion baht) in 2017.
Speaking at a forum to celebrate the 60th anniversary of South Korea-Thailand diplomatic relations, Deputy Prime Minister Somkid Jatusripitak said the Thai government is offering several tools and privileges for investment in high technology and innovation under the Thailand 4.0 policy. South Korea, one of the global leaders in technology, should ramp up its investment in Thailand, he said.
Mr Somkid said Thailand is geographically important in Asean, with Korean investors possibly using it as a gateway to Cambodia, Laos, Myanmar and Vietnam, which have a total population of 200 million.
Korean investors were urged to join bidding for transport infrastructure projects, including the double-track rail network connecting Laos, Myanmar, Vietnam and India.
The government is scheduled to open the terms of reference (ToR) this year for the northern line of the high-speed rail route, which links Bangkok and Chiang Mai.
The government also plans to announce the ToR for the new phases of Laem Chabang and Map Ta Phut port over the next two months.
Mr Somkid said Thailand's strong economic growth of 4.8% in the first quarter will give room for the government to implement social reforms and upgrade startups, for which Korea investors can become joint venture partners.
"Both I and the government have kept our promise to facilitate Korean investment in the country," he said.
The Board of Investment (BoI) reported investment applications from South Korean investors totalled 26 projects worth 3.3 billion baht last year.
The BoI approved promotional privileges for 31 projects worth 6 billion baht in 2017.
The agency reported South Korean investment during 1990-2017 covered 230 projects worth $38.8 billion.
Shin Myoung Jin, chairman of the Korea Importer Association, said Thai companies could make use of the association, which has 8,500 members covering 60,000 companies for trade and investment partners in 100 countries.
He said the Korean government has implemented a "New Southern" policy to focus its investors on Asean investment, especially in Thailand.
South Korea was the 10th-largest trading partner of Thailand, with two-way trade totalling $12 billion last year.
Thailand's exports accounted for $4.6 billion, with imports worth $7.9 billion.
