Thailand welcomes more Korean investors

BANGKOK, November 12 (TNA) - More investment plans in Thailand run by South Korean business operators, especially those in the government-supported Eastern Economic Corridor (EEC) Project, are welcome. Auramon Supthaweethum, Director-General of the Department of Trade Negotiations, under the Thai Ministry of Commerce, made the remarks on November 11, acknowledging that Seoul's New Southern Policy, in which the South Korean private sector is backed to expand its trade and investment to the ASEAN Economic Community (AEC) and South Asia, meets Thailand's demand for more investment from South Korean firms. Auramon noted that Thailand is also an investment center for growing ASEAN member neighboring countries in AEC, namely Cambodia, Lao PDR, Myanmar and Vietnam, known as the CLMV group. Besides, Thailand is further developing infrastructure projects to connect the country's transport and communication systems more closely with neighboring countries in the region. "South Korean business operatros are particularly welcome to expand their mega-investment plans to the Thai government-supported EEC Project, especially high technological and innovative investment plans in which South Korea is specialized and Thailand benefits in terms of, among others, technological transfer in order to enhance the Kingdom's industrial strength and competitiveness on the world market in the future", the senior official said. For bilateral trade between South Korea and Thailand, the senior official stated that their two-way trade stood at about 10.50 billion US dollars during the first nine months of this year, an about 10 per cent year-on-year increase, with South Korea gaining a trade surplus of about 2.97 billion US dollars. The senior official noted, however, that Thailand's exports to South Korea under the ASEAN-Korea Free Trade Area (AKFTA) Agreement, taking effect as of January 1, 2010, during the first eight months of this year reached 2.10 billion US dollars, a 20.9 per cent year-on-year increase, while the Kingdom's imports from South Korea under the AKFTA Agreement during the same period stood at about 1.62 billion US dollars, making the Thai side gain a trade surplus of about 476.8 million US dollars, with major Thai exports to South Korea including wood and wooden products, electric circuits, computer sets and accessories, as well as aluminium and chemical products, whereas major Thai imports from South Korea including steel and steel products, chemical products, electric circuits, electric machines and accessories, metal products and minerals. Based on official statistics, Thailand has already cut import tariffs to "zero per cent" for 88 per cent of a total of 9,610 items of products indicated under the AKFTA Agreement, except those being under the sensitive list, while South Korea has already cut import tariff to "zero per cent" for 90.9 per cent of a total of 12,427 items of products indicated under the AKFTA Agreement, except those being under its sensitive list. (TNA)