President Yoon Suk Yeol and Thai Prime Minister Paetongtarn Shinawatra held their first summit in Laos on Thursday and agreed to make efforts to promptly conclude negotiations for a bilateral trade deal, Yoon's office said.
Yoon met Paetongtarn, who took office last month as Thailand's youngest prime minister, on the sidelines of the Association of Southeast Asian Nations summit in Vientiane.
Yoon expressed hope for strengthening economic cooperation in such areas as electric vehicles and defense industries, and requested Thailand's attention to ensure a swift conclusion of the Economic Partnership Agreement (EPA) negotiations, which began earlier this year. The EPA centers on forging closer economic ties beyond a market opening.
"It is encouraging that cooperation between the two countries is expanding into areas such as clean energy, with Hyundai Motors building an electric vehicle plant in Thailand," Yoon said, expressing hope for further cooperation in areas of the defense and arms industry.
Hyundai Motor Co., South Korea's leading automotive company, plans to invest US$28 million in Thailand to establish a production facility for electric vehicles and batteries,
Paetongtarn pledged efforts to make progresses in the EPA negotiations and promised to support Korean companies, particularly those in the electric vehicle and cultural sectors.
Thailand is South Korea's 18th-largest trade partner and the fifth-biggest among Southeast Asian nations.
Source: Yonhap News Agency
Share:
<p>Time: 2024 By: Ministry of Industry and Trade</p>
