Korean investment to stay strong: envoy
Despite the devastating flood, Korean companies still have high confidence to invest and do business in Thailand, and the country is willing to cooperate with the government on water management, the South Korean ambassador said.
Ambassador Lim Jae-hong told The Nation that Korean investors were still interested in Thailand thanks to the increasingly close cooperation between the two countries, and the Kingdom’s good infrastructure and high-quality labour.
Many Korean companies are looking to set up businesses in Thailand, he said, particularly in renewable energy, water management, steel and iron, and services.
Although 12 Korean companies were inundated during the recent disaster, the ambassador is optimistic that they will not withdraw their investment or move to other countries. He said investors were still satisfied with doing business in Thailand thanks to sound fundamentals and good infrastructure development.
Thailand is still very attractive to foreign direct investment, though the government’s policy to in-|crease minimum wages may influence some new investors, Lim said. He added that most Korean investors would understand the government’s objective to improve the quality of life for workers, and businesses would adapt accordingly.
According to the Board of Investment of Thailand, South Korean investment in the Kingdom has increased continuously this year. In the first 10 months, the BoI approved privileges for 29 companies with a combined initial capital investment of Bt4.71 billion, while 33 projects have applied to the BoI with expected investment capital of Bt7.17 billion.
Lim said South Korea had also faced severe floods in the past, and now had a highly efficient system in place on its four major rivers. His government is prepared to transfer technology to Thailand on water management to prevent floods in the future.
The South Korean government invested the equivalent of about Bt625 billion to improve its |water-management systems in 2009.
Lee Han-good, director of the Technology Consulting Centre of K Water, a Korean state-owned agency implementing national water-resource management policies regarding multipurpose dams, water supply and regional systems, said the company was willing to cooperate with the Thai government to develop a floodway and dam system to prevent floods.
Lee said Thailand should first set up a master plan and adopt new technology to increase water-management efficiency. His company would like to share knowledge and experience to prevent the kinds of disasters that have created huge losses for Thailand.
Meanwhile, the South Korean Embassy and the Culture Promotion Department will hold the “Thailand-Korea Friendship Festival 2011 – Together for Flood Victims” on December 23-25 from Friday to Sunday at CentralWorld. The fair will feature charity and donation events, exchange culture between the two countries, and celebrate the 53-year diplomatic relationship between Thailand and the Republic of Korea.
Korean products, booths offering both Thai and Korean food, and Korean entertainment will be highlights of the festival.
