Prime Minister Prayut Chan-o-cha is encouraging investors from South Korea to invest more in Thailand's key industries.
Prime Minister Prayut Chan-o-cha talks to South Korea's President Park Geun-hye during their meeting at the Association of Southeast Asian Nations-Republic of Korea Commemorative Summit in Busan Thursday. (Reuters photo)
Speaking at the Association of Southeast Asian Nations-South Korea Commemorative Summit in Busan Thursday, Gen Prayut said the region has the potential to thrive, especially with the launch of the Asean Community next year.
The summit was attended by about 400 political and business leaders from Asean member countries and South Korea.
As South Korea develops into a leading player in the global technology and innovation market, Thailand and Asean want South Korea to share its knowledge and experience in this particular sector, Gen Prayut said.
Gen Prayut said South Korea should boost investment in both large-sized and small- and medium-sized companies operating businesses in information technology, information communications technology, and the creativity industry.
Gen Prayut said he thinks it is a good opportunity for South Korean investors to jointly invest with Thailand and other Asean countries to turn the region's economy into a digital economy in the long term.
In the alternative energy sector, he said, Asean should exploit the opportunity to learn from South Korea's alternative energy technology, in its own bid to catch up with growing demand for alternative energy.
The region is capable of cooperating in setting up a liquefied natural gas trading hub that will help ensure the region's energy security and increase its negotiating power in the global market.
Agriculture is another important sector Thailand wants to invite South Korean and Asean investors to maximise their investment in, said Gen Prayut, adding that Thailand's agricultural and food production capacities are some of the highest in the region.
The Asian Development Bank (ADB) has projected that Asia will post 6.2% and 6.4% economic growth this year and next year respectively, Gen Prayut said.
East Asia, in particular, will achieve 6.7% growth this year, he said, citing the ADB's economic growth projection.
The Thai government is responsible for creating policies supportive to trade and investment that are seen as key mechanisms for sustainable development, Gen Prayut said.
The government placed an emphasis on the development of the value chain for all sizes of businesses, from small to large ones, both domestically and in neighbouring countries, he said.
Most recently, the cabinet has approved measures to support international companies set up their regional headquarters in Thailand, he said, adding taxation laws had been altered to facilitate the establishment of such foreign business units in Thailand as well as to ensure convenience for foreigners seeking work permits.
When they arrived at Incheon airport, Gen Prayut and his wife seemed pleased when they were first greeted by two of Korea's smallest diplomats. (Photo courtesy of Government House)
Moreover, Gen Prayut said, Thailand now has in place a strategic plan to overhaul its infrastructure in the next eight years that is aimed at not only better connecting the country's key business zones with one another but also linking them with those of other countries in the region.
Later, at a meeting with South Korean President Park Geun-hye, Gen Prayut said peace has been restored in Thailand and the government is forming firm foundations for the country to sustain its development.
He also emphasised that Thailand has changed investment rules and regulations to attract more foreigners to invest in businesses and this is in line with the government's development policy.
The South Korean president said her country is interested in jointly investing in Thailand's rail infrastructure and will later submit a project for the Thai government to consider.
South Korea also encouraged Thailand to allow South Korean companies to take part in Thailand's water management scheme.
In his talks with key South Korean business leaders that were held prior to the meeting, Gen Prayut said he was well aware that South Korean water management giant, Korea Water Resources Corporation, has sound knowledge and experience in water management.
At the end of the meeting, Gen Prayut called on South Korea to allow more imports of products from Thailand, particularly Thai fruit.
At present, only seven types of fruit are allowed to be imported into South Korea.
He also encouraged South Korea to lift its ban on the import of frozen chicken from Thailand that was imposed after the avian flu epidemic struck the country several years ago.
He said Thailand has been declared free of avian flu.
Meanwhile, 13 Korean NGOs denounced Gen Prayut's participation in the summit. "There is nothing to expect from the 2014 Asean-Republic of Korea Commemorative Summit attended by the major actors of the military coup in Thailand," according to the Joint Declaration of Korean Civil Society & Labour Organisations.