Thailand has urged Korean businessmen to ramp up their investment in the country's Eastern Economic Corridor (EEC) and its smart city initiative.
Thai agencies working to promote the EEC and its smart city spoke at the "Thailand-Korea Economic Cooperation Forum 2022", held in Bangkok recently by the Korea Trade-Investment Promotion Agency and Thailand Board of Investment (BoI).
The forum aims to provide Koreans with the most current information on investment conditions after the Covid-19 pandemic especially in the EEC and its smart city.
Thailand is developing a smart city in Bang Lamung district of Chon Buri, part of the EEC covering the three eastern provinces of Chon Buri, Rayong and Chachoengsao. The EEC Office estimates the smart city will draw 1.34 trillion baht's worth of investment over 10 years and create 200,000 jobs.
Narucha Ruchuphan, BoI senior investment adviser, said opportunities are still available for Koreans who can play a greater role in the Bio-Circular-Green Economic Model, the electrical vehicle industry, smart electronic industry, smart city and digital industry.
He said a wide range of incentives and benefits for foreign investors are on offer. They include a 10-year long-term resident visa granted to wealthy global citizens and pensioners. Thailand has offers a corporate income tax exemption for foreign investors which can span up to 10 years, he said.
Moon Seoung-hyun, Korean envoy to Thailand, said he has visited the EEC. Instead of viewing Thailand as a sole country, it should be seen as the hub of the region, he said.
"Thailand is the second largest economy in Asean. We often view Thailand as the Japanese production hub; however, we need overcome such perceptions as Thailand has strong economic potential and is creative.
"I would like to say... please give yourself a chance to know Thailand better, because the better you know Thailand, the more you will love it," he said.