Thailand strives for better economic ties with S Korea
TO OPEN a new chapter of economic partnership with South Korea, Thailand will invite Korean companies to invest in its high-speed-rail and water-management projects without having to compete in bidding for them.
Deputy Prime Minister Somkid Jatusripitak said yesterday that he told South Korean Deputy Prime Minister Yoo Il-ho, who is also the minister of strategy and finance, during the first high-level meeting on economic cooperation between the two countries in Seoul that the Thai government was determined to foster closer economic ties with South Korea.
It would like to offer two major infrastructure projects under government-to-government (G2G) deals to Korean firms.
The high-speed-rail project on offer to South Korea is the route from Mukdahan to Tak, stretching along the upper section of the East-West Economic Corridor. The Bt20-billion water-management project is readying to kick off later this year in Huay Luang, Nong Khai, for irrigating water from the Mekong River.
“We may allow them to do it as a special case if they’re interested.
“It may be a G2G project to compensate them for the problem that occurred earlier,” he said, referring to a water-management contract for the Chao Phraya and other rivers won by South Korea’s state-controlled Korea Water Resources Corp, which Thailand had revoked.
Somkid said the Industrial Estate Authority of Thailand had also found a special piece of land in Chon Buri to accommodate investment from South Korean firms, which would aid Thailand’s scheme to develop new “S-curve” industries in the Eastern Seaboard. Korean firms are also welcome to join the new bidding for other infrastructure projects planned by the Thai government including the Chao Phraya project, which opens bidding next year, the Pink Line urban-rail project in Bangkok, the Laem Chabang deep seaport’s new phase and a satellite launch.
Somkid also met South Korean President Park Geun-hye. He conveyed Prime Minister Prayut Chan-o-cha’s message on Thailand’s aspirations to deepen its partnership with South Korea.
“Compared with Japan and China, our relationship with South Korea has not been as deep, and that makes them invest in other countries such as Vietnam more than in Thailand.
“They must contribute significantly to our drive to restructure our economy towards the new S-curve, creative economy, smart-city projects and digital economy, as South Korea excels in these areas,” he said.
Thailand aims to double two-way trade with South Korea in two to three years, he added.
