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South Korea’s Massive Bet on Thailand: Unprecedented Investment Wave Shakes Up Industries – Billions at Stake!

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The Industrial Estate Authority of Thailand (IEAT) recently held a successful investment roadshow in South Korea from May 15th to 18th, in collaboration with the Board of Investment of Thailand (BOI). IEAT Governor, Veeris Ammarapala, announced that the roadshow, centered around the concept “Thailand Investment Promotion Strategy: New Economy, New Opportunities,” included discussions on industrial investment in Thailand with 40 South Korean investors, along with one-on-one meetings with those expressing interest in investing in the country.

Following the event, five investors demonstrated interest in investing in various industries, including electric vehicles and renewable energy sectors. Four of these investors represent businesses spanning the fields of electric tricycles and motorcycles, anti-fog technology for automobiles, medical technology and equipment, as well as vehicle components. These companies plan to invest in Thailand by leasing land in the nation’s industrial estates, primarily within the Eastern Economic Corridor (EEC) development area, with the total investment anticipated to amount to around two billion baht.

In addition to these four investors, Mr. Ammarapala revealed that another investor expressed interest in committing at least five billion baht towards an industrial estate project, alongside renewable energy utility development in collaboration with IEAT. The roadshow also featured a roundtable meeting which brought together 25 Korean investors and Park Jae Hong, Chairman of the Korea Electric Vehicle Industry Association (KEVIA). The conversation focused on the advantages KEVIA members would enjoy if they chose to invest in Thailand, which would in turn aid the development of the country’s electric vehicle (EV) supply chain.

Furthermore, the Thai Ministry of Labour’s Department of Employment recently received word from Samsung Heavy Industries, a leading South Korean shipbuilding company, expressing a desire to hire an additional 1,227 Thai skilled laborers. According to Labour Minister Suchart Chomklin, the company is seeking 527 welders, 500 painters, and 200 electricians to join their workforce, with salaries ranging from 90,000 to 108,000 baht. Mr. Chomklin noted that the ministry is working closely with the Korea Offshore and Shipbuilding Association (KHOSHIPA) to facilitate the relocation of Thai workers to South Korea under the E-7 visa for skilled labor.

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