Korea to invest 1 billion baht in EV, battery factory in Thailand
South Korean cosmetic company also planning to set up Thai factory, commerce minister says
A major South Korean automaker is in the process of investing US$30 million (1.02 billion baht) to set up a factory in Thailand for electric vehicles (EVs) and battery manufacturing, Commerce Minister Pichai Naripthaphan said on Saturday.
Furthermore, a South Korean cosmetic company is also planning to set up a Thai factory under an undisclosed investment budget, he said.
The commerce minister did not reveal the names of the two companies.
Pichai said that during a discussion with South Korean Ambassador Park Yongmin and delegates held recently at the ministry’s headquarters, the two parties agreed to work together to finalise the Thailand-South Korea economic cooperation framework by the end of 2025.
Thai and Korean delegates also vowed to re-establish a joint commerce committee between the two countries that had been disbanded for nearly 20 years, he said.
Pichai said he also persuaded South Korean business leaders to invest in Thailand’s target industries to enjoy full promotional privileges, including semiconductors, printed circuit boards (PCBs), medical and biotechnology industries, artificial intelligence, data centres, robotics, and creative industries.
In 2023, South Korea was Thailand’s 12th-biggest trade partner, with a total trade volume of $14.74 billion. Thailand’s exports to South Korea were valued at $6.07 billion, with key products including oil, rubber, sugar, PCBs and aluminium.
Meanwhile, the kingdom imported $8.67 billion worth of goods from South Korea in 2023, including iron, steel, PCBs, chemicals, machinery and components.
In the first 10 months of 2024, trade volume between Thailand and South Korea was valued at $12.96 billion, with $5.04 billion worth of exports and $7.92 billion worth of imports.
