Business

Thailand wants to do more business with Korea

Published

5 years ago

April 4, 2016

Thailand — the second-largest economy in Southeast Asia — is seeking new partners for a sustainable future.

Similar to Korea, the country has been striving to reform its economy and strengthen its competitiveness amid slowing global growth.

“These challenges also present us with opportunities to work together, to reach new heights in our cooperation,” Thai Ambassador Sarun Charoensuwan said

in a speech at a seminar titled “Thailand: Moving Forward Toward Sustainable Growth” on March. 24. “Thailand is eager and ready to do more with Korea.”

Over 300 Korean companies operate in Thailand, covering manufacturing, sales, logistics, services, cosmetics, ICT and food and beverages. Bilateral economic cooperation has remained relatively low over the years, recording $11.2 billion last year.

According to the Korea Trade-Investment Promotion Agency, Korean investment in Thailand has been relatively weak, due to the strong presence of Japanese firms, Korea’s preference of Vietnam, Indonesia and Myanmar, the perception of Thailand mainly as a tourism destination, the lack of symbolic projects and the absence of Korean banks.

Thai Minister of Industry Atchaka Sibunruang noted that her country — in line with its 12th National Economic and Social Development Plan — aims to avoid the “middle-income trap.” The plan covers shoring up the services sector; incorporating globalization into regional development; reducing socioeconomic inequality; preparing for an aging society; investing in new technologies; foster green growth; and improving bureaucratic efficiency.

Source: Thailand presents sustainable business opportunities

Business

Thailand’s automotive sector expected to produce 1.4m cars this year

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Published

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National News Bureau of Thailand

Thailand Automotive Institute (TAI) anticipates the overall output from Thailand’s automotive sector this year to be around 1.4 million cars. They are, however, still cautious over automobile exports until at least March this year, due to the resurgence of COVID-19 cases around the world.

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Banking

Can Fintech drive a strong post-COVID-19 recovery in Asia?

The pandemic has highlighted the power of digital technology. Now is the time to harness this power for inclusive growth so that communities, especially in poor and remote areas, can survive the crisis and thrive.

Published

7 days ago

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Asian Development Bank

To say 2020 has been a challenging year is a massive understatement. The COVID-19 pandemic has quickly undermined development gains from recent decades and slowed growth in many Asian economies.

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Business

Asia’s supply chains to be tested by COVID-19 vaccine delivery

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