South Korea’s Gyeonggi province seeks multifaceted ties with Thailand
“G-Fair Korea”, the East Asian country’s largest sourcing event in Asean, is being held for the second year in Bangkok after its success in 2022, aiming to promote bilateral trade and boost business opportunities with Gyeonggi province, Korea’s manufacturing hub.
Thailand’s Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit presided over for the opening ceremony and welcomed the governor of Gyeonggi province, Kim Dong-yeon.
The G-Fair 2nd Asean+Korea Sourcing Fair is being held on Thursday and Friday on the 22nd floor of Centara Grand and Bangkok Convention Centre.
“Thai exports to Korea last year totalled 35 billion baht, exceeding the original target of 25 billion baht in three years by 19 per cent,” said Jurin, stressing the importance of enhancing trade relationships and opening new opportunities for Thai investors in Gyeonggi province.
“I can truly say that Gyeonggi province is the heart and hub of industries and the economy of South Korea,” said Gyeonggi Governor Kim Dong-yeon.
After the success last year and seeing trade and investment between the two countries exceeding targets, Jurin revealed plans for a mini-FTA between the two sides, including the proposed bilateral plan of Gyeonggido Business and Science Accelerator (GBSA) from both sides.
“Gyeonggi province is South Korea’s largest, most populous province and is the headquarters of many big-name Korean conglomerates, such as Samsung, Hyundai, SK Hynix and Kia,” the governor said.
The fair will help promote firms from Gyeonggi province to explore opportunities and partnerships with Thai businesses. The provincial governor emphasised that Thailand has the highest potential among Asean nations and a crucial strategic relationship with Korea.
“We value Thailand as a very important strategic partner and we want to explore more business and economic cooperation opportunities with Thailand,” he added.
Kim also announced plans to further discuss bilateral cooperation between Gyeonggi province and Thailand with Jurin and Bangkok Governor Chadchart Sittipunt. He also expressed his intention to strengthen the bilateral relationship not only in trade and investment but in cultural exchanges and tourism as well.
“I would like to extend my sincere invitation to all Thai people to visit Gyeonggi province and I will also encourage my fellow residents to visit Thailand,” the Gyeonggi governor said.
The G-Fair 2nd Asean+ Korea Sourcing Fair in Thailand is Korea’s largest trade exhibition in the region, showcasing products of top Korean suppliers from the Gyeonggi province and specialising in the SME market.
This year’s G-Fair is larger than last year’s, with 107 Gyeonggi-based companies attending, focusing on firms in the smart factory, smart city, smart health, and consumer goods sectors. These range from industrial suppliers to cosmetic retailers. Last year’s event saw 102 companies participating and $28 million worth of contracts.
Among the attendees were chairman of the Thai Chamber of Commerce, Phairush Burapachaisri, and vice chairman of the Federation of Thai Industries, Wiwat Hemmondharop. The Korean delegation included the Korean chargé d’affaires, Jeon Joyong, and the president of the GBSA, Kang Sung-cheon.
