Thailand and South Korea recently came together to bolster their diplomatic relations and enhance cooperation in various sectors. Prime Minister Paetongtarn Shinawatra engaged in discussions with South Korean President Yoon Suk-yeol during the Asean summit in Vientiane. The meeting aimed to solidify partnerships and pave the way for a Thailand-South Korea Economic Partnership Agreement (EPA) to promote trade and investment between the two nations.
During the talks, both leaders expressed their commitment to expanding collaboration in key areas such as trade, investment, electric vehicles (EVs), national defense, and cultural exchanges. Thailand views South Korea as a strategic partner and is keen on strengthening economic ties with the East Asian country. Prime Minister Paetongtarn extended an invitation to President Yoon and his spouse to visit Thailand, emphasizing the significance of bilateral economic cooperation.
In line with the discussions, Thailand expressed readiness to invest in the EV sector, with plans to support the production of electric and hybrid vehicles. Hyundai Motor Company’s decision to establish a manufacturing hub for EVs and combustion engine vehicles in Thailand is expected to attract additional investments from South Korean entrepreneurs. The collaboration in this domain aligns with Thailand’s efforts to embrace clean energy solutions and reduce carbon emissions to combat global warming.
Moreover, Thailand unveiled its intention to establish the Thailand Creative Culture Agency (THACCA) to oversee content creation and promote soft power development. Drawing inspiration from South Korea’s expertise in these areas, Thailand seeks to leverage creative industries to drive economic growth and cultural influence. The initiative underscores the countries’ shared commitment to fostering innovation and creativity in the digital era.
President Yoon commended Thailand’s THACCA initiative and underscored the importance of collaboration in soft power development. He also highlighted the necessity of addressing the issue of illegal Thai workers in South Korea through joint efforts. Additionally, President Yoon lauded Thailand’s potential to emerge as a regional leader in the EV industry, recognizing the country’s capabilities and resources in advancing sustainable mobility solutions.
Looking ahead, both Thailand and South Korea are optimistic about the prospects of a full free trade agreement by 2025, building upon the foundation laid by the EPA negotiations. The strengthened ties and collaborative endeavors between the two nations signify a promising trajectory towards deeper economic engagement and mutual prosperity. As they navigate the evolving global landscape, Thailand and South Korea are poised to harness their synergies and collective strengths to drive innovation, sustainability, and inclusive growth in the region and beyond.
