South Korea Invests $30 Million in Electric Vehicle Factory in Thailand
In a significant move to bolster economic ties between Thailand and South Korea, a major South Korean automaker has announced plans to invest US$30 million (1.02 billion baht) in the establishment of a factory dedicated to electric vehicles (EVs) and battery manufacturing.
The announcement was made by Commerce Minister Pichai Naripthaphan, who highlighted the importance of this investment in enhancing Thailand’s standing in the electric vehicle sector. Additionally, a South Korean cosmetics company is reportedly also preparing to open a factory in Thailand, though details regarding the investment remain undisclosed.
During a recent meeting at the ministry’s headquarters with South Korean Ambassador Park Yongmin and delegates, both parties expressed their commitment to finalize an economic cooperation framework by the end of 2025. This agreement seeks to re-establish a joint commerce committee that has been inactive for nearly 20 years.
Pichai stated, ‘We are encouraging South Korean business leaders to invest in Thai industries such as semiconductors, biotechnology, and artificial intelligence, which will offer full promotional privileges.’
In 2023, South Korea was Thailand’s 12th-largest trade partner, with a significant trade volume of $14.74 billion, comprising critical exports including oil, rubber, and printed circuit boards. The ongoing investment in electric vehicles underscores Thailand’s potential as a regional hub for automotive manufacturing.
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