Thailand and South Korea have committed to enhancing cooperation in various sectors, including soft power development, electric vehicles (EVs), and labour issues.
Prime Minister Paetongtarn Shinawatra met with South Korean President Yoon Suk-yeol yesterday, October 10, during the ASEAN summit in Vientiane. The leaders discussed expanding collaboration in trade, investment, electric vehicles, national defence, and cultural exchanges.
PM Paetongtarn emphasised the strategic significance of South Korea and expressed Thailand’s readiness to deepen economic ties with the East Asian nation. She invited the South Korean president and his spouse to visit Thailand.
Both countries prioritise economic cooperation to finalise negotiations for a Thailand-South Korea Economic Partnership Agreement (EPA). This agreement is intended to boost bilateral trade and investment, setting the stage for a comprehensive free trade agreement by 2025.
The Thai premier announced Thailand’s readiness to invest in electric and hybrid vehicles. Hyundai Motor Company plans to establish a production base in Thailand for electric and combustion engine vehicles, which is expected to attract more small investors from South Korea.
The Thai government also plans to create the Thailand Creative Culture Agency (THACCA) to manage the content creation industry and soft power development, drawing on South Korea’s expertise in these areas, revealed the 38 year old Thai prime minister.
“Thailand supports efforts to reduce global warming and advocates for the use of clean energy.”
The prime minister also mentioned Thailand’s interest in collaborating with South Korea on nuclear power.
Yoon commended Thailand’s plan to establish the THACCA and pledged cooperation in soft power development. He highlighted the importance of addressing the issue of illegal Thai workers in South Korea, reported Bangkok Post.
“I believe Thailand has the potential to become a leader in the region’s EV industry.”
What Other Media Are Saying
- Korea Risk Group highlights South Korea and Thailand’s first EPA negotiation to enhance market access and cooperation, boost Korean exporters, and reinvigorate cultural exchanges in the ASEAN region. (read more)
- Yoon Suk-yeol and Paetongtarn Shinawatra Forge Strategic Alliance at ASEAN Summit 2024. The article highlights Thailand and South Korea’s ambitious partnerships in EVs, trade, defence, and soft power, promising mutual prosperity and innovation. (read more)
Frequently Asked Questions
Here are some common questions asked about this news
How will the Thailand-South Korea Economic Partnership Agreement benefit both countries?
It aims to boost bilateral trade and investment, paving the way for a comprehensive free trade agreement by 2025.
Why is South Korea interested in Thailand’s electric vehicle market?
South Korean firms, like Hyundai, see Thailand as a strategic production base for both electric and combustion engine vehicles.
What is the Thailand Creative Culture Agency (THACCA) and its purpose?
THACCA will manage Thailand’s content creation industry and soft power development, leveraging South Korea’s expertise.
What are the environmental goals of Thailand in its cooperation with South Korea?
Thailand supports global warming reduction efforts and advocates for clean energy use, including potential collaboration on nuclear power.
How does South Korea plan to assist with Thailand’s soft power development?
South Korea will share its expertise in cultural industries and support Thailand through initiatives like the THACCA.
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