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Korea-Thailand move towards future, joining hands in the new industries

KOTRA held "Korea-Thailand Business Partnership" in Bangkok, participated by 300 companies
In the pursuit of active, tailored economic cooperation in the digital industry and smart city with Thailand, a pillar of new Southern policy

KOTRA, jointly with the Korean Chamber of Commerce and Industry, held "Korea-Thailand Business Partnership" in Bangkok, Thailand on September 2-3. The event was held in time for President Moon's visit to Thailand, with an aim to continue sustainable economic cooperation focused on the future new industries.

Thailand is the second largest economy among ASEAN members, and a core partner in Korea's new Southern policy. The country has been pushing for "Thailand 4.0" plan. It is determined to move towards high added-value innovative industries by fostering smart industry, startups, human capital, and smart city. By Korea joining Thailand's transition to future industries, both countries are expected to secure a basis for mutual prosperity. If technology prowess of Korea is added to the areas where Thailand desperately needs, the two countries would be able to set a win-win economic cooperation model.

KOTRA signed an MOU with Thailand's Digital Economy Promotion Agency (DEPA) to cooperate on digital industry and smart city. Thailand set a target of building 100 smart cities by 2035, and DEPA is at the forefront of turning Thailand's digital economic policy into reality. With the MOU, more Korean companies are expected to participate in comprehensive smart city development projects including smart security, smart transportation, and smart healthcare.

Also, KOTRA and Korea Institute of Start-up and Entrepreneurship Development signed an MOU with Thailand's InnoSpace, which is a public-private startup incubation institution, to facilitate startups based on innovative technologies and increase exchanges.

On September 3, KOTRA held "one-on-one business partnering" to translate two countries' shared understanding on the needs for economic cooperation into real business for the companies from the two countries. 55 SMEs from Korea and 144 Thailand companies had 327 cases of business meetings on the areas covering ▲IT, digital ▲medical, bio ▲automobiles, smart factory ▲future vehicles ▲beauty and F&B, and ▲machine, equipment. 18 startups from Korea also explored opportunities to enter the Thailand market and cooperate with local companies.

President Kwon Pyung-oh of KOTRA said, "Thailand is the largest production base for automobiles, electronics/electricity among ASEAN countries, and Korea's partner in responding to changes in global value chains and new industries," adding that "As in the case of Thailand, we will expand a customized approach, carefully selecting industries right for cooperation while focusing our strength."

Source: KOTRA (September 3, 2019)

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