The Industrial Estate Authority of Thailand (IEAT) has successfully attracted an investment commitment of US$500 million (approximately 17 billion baht) from South Korean investors for the development of Smart Park. The initiative, part of the Now Thailand – The Golden Era campaign, aims to position Thailand as a prime destination for international business ventures.
Yuthasak Supasorn, Chairperson of IEAT, welcomed Thanee Sangrat, the Thai Ambassador to South Korea, along with over 20 South Korean investors. The meeting focused on exploring business opportunities, investment benefits, and services offered by IEAT.
The campaign was highlighted to communicate to South Korean investors that this is an opportune moment to invest in Thailand. With this campaign, the IEAT seeks to bolster investor confidence and provide robust support for South Korean businesses looking to establish themselves within Thailand’s industrial estates.
The discussions revealed significant interest from South Korean investors across a range of industries. Of particular note was the interest in solar energy businesses, with investors praising IEAT’s carbon neutrality policies and currently assessing the feasibility of electricity ventures in Thailand. These investors are eager for IEAT’s assistance in coordinating with the Energy Regulatory Commission to understand the processes and guidelines for business operations.
Additionally, South Korean companies involved in the production of electric vehicles (EVs) are considering using Thailand as a manufacturing hub for exporting to ASEAN markets. These companies are in the process of gathering investment information in Thailand.
The meeting also highlighted interest from South Korean firms involved in the steel and energy sectors, among others. Companies already established in the Amata City Rayong, Wellgrow, and Laem Chabang industrial estates are planning to expand their investments in Thailand, particularly after anticipated transfers of energy and other business operations this year.
Korean boost
The Smart Park project is anticipated to attract a US$500 million investment, with South Korean investors participating in various sectors such as energy and medical businesses. The IEAT is committed to facilitating the investment process by offering a range of incentives, including support for condominium and land ownership in Thailand, to aid South Korean investors in making informed decisions.
Sumet Tangprasert, acting Governor of IEAT, remarked that the visit from South Korean investors signals a positive trend for investment in Thailand. This development is expected to stimulate the economy, create jobs, and enhance the country’s competitive edge within the regional market. The visit reinforces the confidence of foreign investors in Thailand’s potential as a regional investment hub.
The strategic focus on attracting international investments aligns with Thailand’s broader economic objectives, which include boosting industrial growth and fostering innovation within key sectors. By positioning itself as a central hub for regional business activities, Thailand aims to capitalise on its strategic location and robust infrastructure to drive sustainable economic development, reported KhaoSod.
The story Thailand secures South Korean investment in Smart Park project as seen on Thaiger News.
