Seeking Export Opportunities for Domestic Companies in Thailand with Bright Economic Growth Prospects
The Korea Trade-Investment Promotion Agency (KOTRA) will hold the "2023 Bangkok Korea Excellent Products Exhibition" for two days starting on the 28th (local time) in Bangkok, Thailand, to support domestic companies' entry into strategic export markets. The Korea Excellent Products Exhibition is an overseas exhibition held exclusively for our companies' strategic export markets. This year, it will be held in Bangkok, the capital of Thailand, the central country of the Indochina Peninsula, to expand the target from the three major domestic export markets in ASEAN to the broader South Asian market.
Thailand is the second-largest economy in ASEAN. Despite the global economic difficulties, the World Bank forecasted Thailand's economic growth rate this year to be 3.6%, driven by the recovery of the tourism industry and expansion of private consumption. This year marks the 65th anniversary of diplomatic relations between Korea and Thailand. Notably, this year and next are declared as the "Year of Mutual Visits between Korea and Thailand," raising expectations for increased cultural and human exchanges between the two countries.
This year’s event will register major local buyers such as PTT Public Company Limited (PTT) and Vietnam Oil and Gas Group (Petrovietnam) as vendors. The Global Partnering Asia (GP Asia) pavilion will be operated to support domestic engineering companies and ICT (Information and Communication Technology) and EV (Electric Vehicle) companies aiming to secure local market dominance. The K-Consumer pavilion, targeting ASEAN local consumer trends, will also be featured. Simultaneously, a B2B exhibition showcase and consultation sessions for companies entering manufacturing and consumer goods sectors will be held.
A total of 118 excellent small and medium-sized enterprises (SMEs) and mid-sized companies from Korea will conduct one-on-one business meetings with over 225 buyers from 11 countries, including seven ASEAN countries, Thailand, and four South Asian countries such as India, seeking new export opportunities. At the GP Asia pavilion seminar, the Vice President of PTT, the Vice President of Siam Cement Group (SCG), and the Chairman of the Electric Vehicle Association of Thailand (EVAT) will present on topics such as "Thailand's Eco-friendly EPC Projects" and "Thailand Electric Vehicle Market Roadmap."
At the K-Consumer pavilion, product showcases from promising companies in the export-potential industries of K-Beauty, Food, and Living will be held targeting major ASEAN distribution buyers. Major companies participating include CP All, the distribution affiliate of CP Group, the number one business group in Thailand; Central Group, the top department store distributor; and Big C, a large supermarket chain in Southeast Asia.
Yoo Jung-yeol, President of KOTRA, said, “The ASEAN region is one of Korea’s three major export markets, and especially Thailand’s economic outlook is positive this year. We will support domestic companies to achieve export results through this Bangkok Korea Excellent Products Exhibition.”
Meanwhile, KOTRA held the Southeast Asia and Oceania Regional Export Expansion Strategy Meeting on the 27th in Bangkok, Thailand. All trade offices in Southeast Asia and Oceania participated to conduct an in-depth analysis of ASEAN export status and discuss ways to enhance domestic companies’ exports. Going forward, KOTRA plans to actively promote related projects, including the early implementation of customized export direct connection projects for consumer goods to revitalize exports.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
