IEAT Targets South Korean Investors for EEC Industrial Growth

• IEAT plans an exclusive industrial zone for South Korean firms.
• EEC to host high-tech sectors such as EVs, electronics, and biotech.
• Korean firms proposed 141 projects worth 63B baht (2020–2024).

The Industrial Estate Authority of Thailand (IEAT) is promoting the idea of South Korean investors growing their businesses in Thailand, as plans for a new complex dedicated solely to South Korean entrepreneurs are under consideration.

The new investment is under discussion between IEAT officials, South Korean authorities, and representatives of 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.

Executives in South Korea are urging the government, along with private developers, to create a new industrial estate within the Eastern Economic Corridor.

Commonly referred to as the EEC, covering portions of Chon Buri, Rayong, and Chachoengsao provinces, it is anticipated to be a high-tech industrial center, accommodating 12 specific S-curve industries, such as next-generation vehicles and smart electronics. The IEAT manages 68 industrial parks in 16 provinces nationwide, including the Map Ta Phut industrial park in Rayong.

Last year, officials from Thailand held an investment roadshow in South Korea to encourage businesspeople to invest in Thailand. They encountered delegates from firms across different sectors, such as electric vehicles, electronics, digital tech, renewable energy, bioscience, and pharmaceuticals.

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Between January and March of this year, South Korean companies presented seven investment proposals valued at 1.2 billion baht to the Board of Investment (BoI) for investment incentives. According to the BoI, the businesses encompassed electrical appliances, machinery, and components alongside automobiles.

South Korea ranks as Thailand's 13th-largest trading partner, with the total trade volume between the nations reaching UScopy5 billion in 2024. From 2020 to 2024, Korean companies aiming for BoI investment incentives proposed 141 investment projects totaling 63 billion baht.

Among major South Korean firms in Thailand is Samsung, boasting an investment worth 31 billion baht. Its subsidiary, Samsung Electronics, is recognized for manufacturing smartphones and household appliances.