Thailand's economic power: shared opportunities with South Korea!

Thailand's economic power: shared opportunities with South Korea!

The IGNITE Thailand–Korea Business Forum opened in Bangkok today and it's going haywire. Deputy Prime Minister and Finance Minister of Thailand, นายเอกนิติ นิติทัณฑ์ประภาส, did not miss the opportunity to talk about the promising economic relations between Thailand and South Korea. The two countries pursue similar development strategies, which provides fertile ground for investment. Not only traditional industries are in the spotlight, but also new technologies and trends.

Investment opportunities were mentioned numerously, particularly in the areas of food processing, modern industries and wellness tourism. Thailand has established itself as one of the largest food exporters, while South Korea boasts modern smart farming technologies. The so-called strategic industries also include electric vehicles, artificial intelligence and semiconductors - this is where Thailand and South Korea are joining forces to stimulate the economic development of their economies.

Shared challenges and solutions

As Bangkok Biz News reports, both countries face similar challenges. Geopolitical risks and trade barriers are weighing on the economy. While South Korea has already implemented measures to support exports, Thailand is implementing the “Khon La Khreung Plus” policy, which is intended to reduce the cost of living.

The situation is particularly worrying for small and medium-sized enterprises (SMEs). Over 80 to 90% of these companies are struggling with liquidity problems and are looking for ways to link up with larger industrial chains. One bright spot is that Thailand and South Korea have similar fiscal policies and have overcome economic crises together in the past - South Korea has recovered quickly after the "Kimchi Crisis" and offers a valuable lesson for Thailand.

Economic strategy and future outlook

In order to increase competitiveness, Thailand has developed a new economic strategy for 2024/2025. As the Thailand Magazin shows in detail, this strategy focuses on future technologies, digitalization and sustainable development. Thailand would like to position itself as an attractive location for international investors and is planning several measures to achieve this.

• Förderung von Innovationen in Schlüsselindustrien
• Unterstützung nachhaltiger Entwicklung durch erneuerbare Energien
• Investitionen in Bildung und Infrastruktur zur Verbesserung der Lebensqualität

Digitalization is particularly important - 30% of the economy is expected to be digitalized by 2025. Promoting SMEs is also an important part of the strategy in order to meet the challenges of the market.

Overall, the exchange between Thailand and South Korea is crucial for the future of both countries. In doing so, they not only create new opportunities for their economies, but also for future generations. Thailand, and we all know this, has many options up its sleeve and could secure royal glory - in the truest sense of the word. The message is clear: we can achieve more together!