Industrial Estate Authority of Thailand focuses on South Korean investors
The new investment is being discussed among IEAT officials, South Korean authorities and representatives from the Thai Industrial Estate and Strategic Partner Association.
"The government supports all foreign investors who want to invest here, with entrepreneurs from South Korea a target market," said Sumet Thangprasert, governor of the IEAT.
South Korean executives want the government and private industrial estate developers to build a new industrial estate in the Eastern Economic Corridor.
Often known as the EEC, spanning parts of Chon Buri, Rayong and Chachoengsao provinces, it is envisioned as a high-tech industrial hub, housing 12 targeted S-curve industries, including next-generation cars and smart electronics.
The IEAT operates 68 industrial estates in 16 provinces across the country, including the Map Ta Phut industrial estate in Rayong.
Last year, Thai officials organised an investment roadshow in South Korea to invite business people to invest in Thailand. They met representatives from companies in various industries, including electric vehicle, electronics, digital technology, renewable energy, bioscience and pharmacy.
From January to March this year, South Korean firms submitted seven investment projects worth 1.2 billion baht to the Board of Investment (BoI) to apply for investment incentives.
Businesses included electrical appliances, machinery and parts as well as cars, according to the BoI.
South Korea is the 13th-largest trading partner of Thailand, with total trade value between the two countries tallying US$15 billion in 2024.
Between 2020 and 2024, Korean firms seeking BoI investment incentive packages submitted 141 investment projects worth 63 billion baht.
Among large South Korean companies in Thailand are Samsung, with 31 billion baht in investment value. Its subsidiary Samsung Electronics is known for its production of smartphones and home appliances.
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