Latest news with #SumetThangprasert
Bangkok Post
01-08-2025
- Automotive
- Bangkok Post
Industrial Estate Authority of Thailand focuses on South Korean investors
The Industrial Estate Authority of Thailand (IEAT) is encouraging investors from South Korea to expand their businesses into Thailand, as a proposal to build a new complex to serve only South Korean entrepreneurs is being considered. The new investment is being discussed among IEAT officials, South Korean authorities and representatives from the Thai Industrial Estate and Strategic Partner Association. "The government supports all foreign investors who want to invest here, with entrepreneurs from South Korea a target market," said Sumet Thangprasert, governor of the IEAT. South Korean executives want the government and private industrial estate developers to build a new industrial estate in the Eastern Economic Corridor. Often known as the EEC, spanning parts of Chon Buri, Rayong and Chachoengsao provinces, it is envisioned as a high-tech industrial hub, housing 12 targeted S-curve industries, including next-generation cars and smart electronics. The IEAT operates 68 industrial estates in 16 provinces across the country, including the Map Ta Phut industrial estate in Rayong. Last year, Thai officials organised an investment roadshow in South Korea to invite business people to invest in Thailand. They met representatives from companies in various industries, including electric vehicle, electronics, digital technology, renewable energy, bioscience and pharmacy. From January to March this year, South Korean firms submitted seven investment projects worth 1.2 billion baht to the Board of Investment (BoI) to apply for investment incentives. Businesses included electrical appliances, machinery and parts as well as cars, according to the BoI. South Korea is the 13th-largest trading partner of Thailand, with total trade value between the two countries tallying US$15 billion in 2024. Between 2020 and 2024, Korean firms seeking BoI investment incentive packages submitted 141 investment projects worth 63 billion baht. Among large South Korean companies in Thailand are Samsung, with 31 billion baht in investment value. Its subsidiary Samsung Electronics is known for its production of smartphones and home appliances.
Bangkok Post
31-07-2025
- Automotive
- Bangkok Post
IEAT focuses on South Korean investors
The Industrial Estate Authority of Thailand (IEAT) is encouraging investors from South Korea to expand their businesses into Thailand, as a proposal to build a new complex to serve only South Korean entrepreneurs is being considered. The new investment is being discussed among IEAT officials, South Korean authorities and representatives from the Thai Industrial Estate and Strategic Partner Association. "The government supports all foreign investors who want to invest here, with entrepreneurs from South Korea a target market," said Sumet Thangprasert, governor of the IEAT. South Korean executives want the government and private industrial estate developers to build a new industrial estate in the Eastern Economic Corridor. Often known as the EEC, spanning parts of Chon Buri, Rayong and Chachoengsao provinces, it is envisioned as a high-tech industrial hub, housing 12 targeted S-curve industries, including next-generation cars and smart electronics. The IEAT operates 68 industrial estates in 16 provinces across the country, including the Map Ta Phut industrial estate in Rayong. Last year, Thai officials organised an investment roadshow in South Korea to invite business people to invest in Thailand. They met representatives from companies in various industries, including electric vehicle, electronics, digital technology, renewable energy, bioscience and pharmacy. From January to March this year, South Korean firms submitted seven investment projects worth 1.2 billion baht to the Board of Investment (BoI) to apply for investment incentives. Businesses included electrical appliances, machinery and parts as well as cars, according to the BoI. South Korea is the 13th-largest trading partner of Thailand, with total trade value between the two countries tallying US$15 billion in 2024. Between 2020 and 2024, Korean firms seeking BoI investment incentive packages submitted 141 investment projects worth 63 billion baht. Among large South Korean companies in Thailand are Samsung, with 31 billion baht in investment value. Its subsidiary Samsung Electronics is known for its production of smartphones and home appliances.
Bangkok Post
10-07-2025
- Business
- Bangkok Post
Thai industrial estate promotions stepped up
The Industrial Estate Authority of Thailand (IEAT) is stepping up efforts to maintain the momentum of investment at its industrial estates, which could decelerate following America's imposition of a 36% tariff on Thai imports. The initiative, which includes a plan to offer more attractive investment incentives for Thai and foreign investors, comes after a survey found operators of 5,000 factories in industrial estates overseen by the IEAT are gripped with concerns over the impact of the Washington's trade policy on their competitiveness and operating costs. The US is a major market of many entrepreneurs in Thailand. "The government wants to help investors reduce costs and facilitate business operations, including waiving fees for using infrastructure," said Sumet Thangprasert, governor of the IEAT. Mr Sumet on Wednesday met with Industry Minister Akanat Promphan to discuss measures aimed at helping entrepreneurs who may be affected by the impact of the US's high tariff rate. New investors, particularly those from China, who initially wished to invest in Thailand may now change their plans and expand their businesses into other countries, said Mr Sumet. Officials are planning to facilitate prospective investors by cutting the lengthy investment application process down to one year from two years, he said. "Speeding up the process should be one method to help stimulate investment in the country which is encountering many challenges, ranging from the sluggish economy to the impact of geopolitical conflicts," said Mr Sumet. The need to boost investment is important for Thailand in order to increase its GDP growth. In the long term, the IEAT will speed up the development of 10,000 rai of industrial land, which requires a budget of over 10 billion baht, in order to serve new investment, said Mr Sumet. The IEAT needs to work with the Department of Public Works and Town & Country Planning to adjust city planning regulations in areas set to be developed into new industrial estates. "The adjustment may lead to reductions in land prices. Many investors cannot afford to buy expensive land," said Mr Sumet. The impact of the US's reciprocal tariff, geopolitical conflicts, along with the economic slowdown have caused the IEAT to revise down its land sales target from 10,000 rai to 8,000 rai this year.
Bangkok Post
09-07-2025
- Business
- Bangkok Post
IEAT push aims to maintain investment momentum
The Industrial Estate Authority of Thailand (IEAT) is stepping up efforts to maintain the momentum of investment at its industrial estates, which could decelerate following America's imposition of a 36% tariff on Thai imports. The initiative, which includes a plan to offer more attractive investment incentives for Thai and foreign investors, comes after a survey found operators of 5,000 factories in industrial estates overseen by the IEAT are gripped with concerns over the impact of the Washington's trade policy on their competitiveness and operating costs. The US is a major market of many entrepreneurs in Thailand. "The government wants to help investors reduce costs and facilitate business operations, including waiving fees for using infrastructure," said Sumet Thangprasert, governor of the IEAT. Mr Sumet on Wednesday met with Industry Minister Akanat Promphan to discuss measures aimed at helping entrepreneurs who may be affected by the impact of the US's high tariff rate. New investors, particularly those from China, who initially wished to invest in Thailand may now change their plans and expand their businesses into other countries, said Mr Sumet. Officials are planning to facilitate prospective investors by cutting the lengthy investment application process down to one year from two years, he said. "Speeding up the process should be one method to help stimulate investment in the country which is encountering many challenges, ranging from the sluggish economy to the impact of geopolitical conflicts," said Mr Sumet. The need to boost investment is important for Thailand in order to increase its GDP growth. In the long term, the IEAT will speed up the development of 10,000 rai of industrial land, which requires a budget of over 10 billion baht, in order to serve new investment, said Mr Sumet. The IEAT needs to work with the Department of Public Works and Town & Country Planning to adjust city planning regulations in areas set to be developed into new industrial estates. "The adjustment may lead to reductions in land prices. Many investors cannot afford to buy expensive land," said Mr Sumet. The impact of the US's reciprocal tariff, geopolitical conflicts, along with the economic slowdown have caused the IEAT to revise down its land sales target from 10,000 rai to 8,000 rai this year.
