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Thailand wants to do more business with Korea

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

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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

Large Shopping Malls in Bangkok Will Be Closed until July 25th

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BANGKOK (NNT) – Large-scale shopping malls in Bangkok and in some dark-red zone provinces are now closed for two weeks, to comply with the latest COVID-19 curbs in 10 provinces.

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Business

Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak

The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.

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The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.

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