LH Signs MOU for Thailand Industrial Complex Development... A Foothold for Korean Companies' Entry

Jeon Jo-young, Charg? d'Affaires of the Embassy of the Republic of Korea in Thailand, Kim Hyun-joon, President of LH, Veeris Ammarapala, Governor of IEAT, and Suriya Juangroongruangkit, Minister of Industry of Thailand, are taking a commemorative photo after signing the MOU.

Korea Land and Housing Corporation (LH) announced on the 15th that it has signed a Memorandum of Understanding (MOU) for development cooperation with the Industrial Estate Authority of Thailand (IEAT) to promote the smart industrial complex development project within the Eastern Economic Corridor (EEC) economic zone in eastern Thailand.

The Eastern Economic Corridor of Thailand is designated by the Thai government as an economic zone to attract foreign investment and foster high value-added advanced industries. It includes three areas located southeast of Bangkok: Chonburi, Rayong, and Chachoengsao.

LH was reviewing the establishment of industrial complexes in Thailand to support Korean companies entering the Thai market. The Thai Ministry of Industry and IEAT expressed their strong desire for LH’s active participation and proposed the MOU first, leading to the signing of this memorandum.

The IEAT, the signing institution, is a state-owned enterprise in Thailand that holds direct development rights and permits for industrial estates in Thailand.

Through this MOU, the two organizations agreed to share policies and experiences related to smart industrial complex development and actively collaborate in selecting candidate sites for joint development.

The main collaboration involves the joint development of new industrial complexes based on state-owned land within the EEC. However, the Chonburi industrial complex development project, for which LH signed an MOU with the Amata Group of Thailand in December 2020 and is currently reviewing participation, is also included in this collaboration.

LH expects that supplying affordable industrial complexes based on Thai state-owned land will contribute to revitalizing the economies of both countries.

In particular, Thailand, located at the center of ASEAN with a population of 70 million, has the second-largest economy after Indonesia, serving not only as a production hub but also having an active domestic market. It is expected that the industrial complex projects will support the active entry of domestic companies into Thailand.

Furthermore, the Chonburi industrial complex development project, which was previously being considered for joint development with the Amata Group, has gained momentum with G2G-level support, enabling LH to secure the possibility of supplying industrial complexes to Korean companies more quickly.

The signing ceremony held on the 14th at the Sukosol Hotel in Bangkok was attended by LH President Kim Hyun-joon, IEAT Governor Veeris Ammarapala, IEAT Chairman Narin Kalayanamit, Thai Minister of Industry Suriya Juangroongruangkit, and Jeon Jo-young, Minister-Counselor of the Korean Embassy in Thailand, among others.

LH President Kim Hyun-joon said, "Through the smart industrial complex development project, we hope to secure a foothold for Korean companies’ entry and expand cooperation between the two countries through various projects, contributing to the economic development of both nations."

This content was produced with the assistance of AI translation services.