The two nations want to intensify participation and prepare the way for a full-freight trade pact the following year.
PUBLISHED: 10 Oct 2024 at 20: 33
Thailand and South Korea have agreed to strengthen participation in a number of locations, including labor troubles, electric cars, and soft energy development.
On the day of the Asean conference in the Vientiane, Prime Minister Paetongtarn Shinawatra and South Korean President Yoon Suk-yeol met for a meeting on Thursday.
Both factors hope to expand participation in a number of areas, including industry, expense, EVs, national defence and people-to-people markets.
South Korea is of strategic importance, according to Ms. Paetongtarn, and Thailand is prepared to develop its diplomatic economic relations with East Asia. Additionally, she made arrangements for a trip to Thailand with the North Korean president’s family.
She added that as they work through the terms of the Thailand-South Korea Economic Partnership Agreement ( EPA ), the two nations have given economic cooperation a lot of importance. The agreement aims to promote diplomatic trade and investment and facilitate a 2025 global free trade deal.
Thailand was prepared to invest in electric and hybrid vehicles, according to the prime minister. Additionally, Hyundai Motor Company has made an announcement that it will build a production facility in Thailand for energy and combustion engines, which will also draw in more small investors from South Korea.
The Thai government, according to Ms. Paetongtarn, also intends to establish the Thailand Creative Culture Agency ( THACCA ) to manage the development of soft power and the creation of content. It aspires to study from South Korea’s expertise and knowledge in these fields.
She stated that Thailand has supported efforts to stop global warming and advocates for the use of renewable power.
According to the prime minister, Thailand is even interested in working with South Korea in the area of atomic energy.
Mr Yoon praised Thailand’s plan to establish the THACCA and pledged to engage in gentle power development. He even emphasized the need for the two nations to collaborate to address the issue of Thai employees working in South Korea illegally.
Mr. Yoon expressed his optimism that Thailand has the ability to dominate the EV sector in the area.