Thailand and South Korea have agreed to set up a new joint committee for cooperation on trade and investment.
The committee is expected to collaborate to develop many aspects of the flagship Eastern Economic Corridor (EEC) scheme, such as the S-curve policy, manpower development and the efficiency of small and medium-sized enterprises in the next two weeks.
The committee will determine partnership plans for the short, medium and long-term.
Yesterday, the Industry Ministry welcomed Paik Un-gyu, South Korea's Minister of Trade, Industry and Energy, along with other business representatives from that country.
Industry Minister Uttama Savanayana said the South Korean government has a "New Southern" policy that aims to expand investment from its companies in Asean, with Thailand chosen as a strategic country.
"They are interested in the 10-targeted industries under the S-curve policy, which the Thai government is very keen on, as they say the policy matches with their upcoming development plan -- the so-called fourth industrial revolution," he said.
Of the 10 targeted industries, South Korean companies are particularly interested in robotics, medical hub companies, logistics, aviation and aerospace.
South Korea has its own S-curve industries, including electronics as a solid-state drive, electronic control unit systems for the automotive sector and a digital sector for smart devices to aid production of smart phones and tablets.
"South Korea is also interested in the smart city initiative of the EEC scheme," said Mr Uttama.
The Industry Ministry reported Thailand and South Korea had trade value of US$11.7 billion (375 billion baht) in 2017.
He said the South Korean government invited its Thai counterpart to host a roadshow in South Korea in order to introduce the EEC project.
Mr Paik said the country has strong potential to develop many sectors such as digital, biotechnology, Internet of Things and electric vehicles.
"We are seeking to invest further in Thailand, which is a strategic location for investment in Asean," said Mr Paik.
"Our business operators are also urging the Thai government to consider regulations on increasing the proportion of foreign shareholders in local companies, which is currently equal or less than 49%."
Duangjai Asawachintachit, secretary-general of the Board of investment, said bilateral investment and diplomatic relations have been going strong for 60 years.
The Thai government expects the promotion of the S-Curve policy to attract massive investment from many countries, including South Korea.
South Korea is ranked 12th in terms of total foreign direct investment in Thailand.