BoI looks to South Korea to beef up high tech sector

The Board of Investment (BoI) aims to encourage more South Korean business people to invest in Thailand to help the country boost high technology development, notably artificial intelligence (AI).

From January to March, South Korean firms submitted seven investment projects worth 1.2 billion baht to the board to apply for investment incentives. Businesses included electrical appliances, machinery and parts as well as cars.

The investment volume is not much different from figures for the corresponding period last year, according to the BoI.

"More South Korean investors have the potential to invest in new targeted industries, including semiconductors, AI, electric vehicles and the medical industry," said Narit Therdsteerasukdi, secretary-general of the BoI.

To attract more investment from South Korea, the BoI recently held a seminar titled "Thailand Business Essentials: A Comprehensive Guide for Korean Executives" to give representatives of Korean firms updates on investment incentives and introduce them to business opportunities in Thailand.

Some 130 participants from Korean companies joined the event held in Chonburi, a key production base for Korean entrepreneurs.

The Korea Trade-Investment Promotion Agency co-organised the seminar.

Park Yongmin, ambassador of the Republic of Korea, echoed Mr Narit's view, saying he also believes Thailand and South Korea can further strengthen investment and trade, especially increasing investment in the supply chains of various industries.

"The governments of the two countries are accelerating the signing of the Economic Partnership Agreement [EPA] in the near future," said Mr Park.

The EPA is aimed at broadening market access beyond the existing Asean-Korea Free Trade Agreement and the Regional Comprehensive Economic Partnership.

The new agreement intends to explore new dimensions, including digital trade and supply chain collaboration.

According to the BoI, South Korea is the 13th largest trading partner of Thailand, with total trade value between the two counties tallying UScopy5 billion in 2024.

Between 2020 and 2024, Korean firms seeking BoI investment incentive packages submitted 141 investment projects worth 63 billion baht.

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