Addressing attendees at a Thai Board of Investment (BOI) roadshow in Seoul yesterday, second vice minister Woo Tae-hee used the classic Thai proverb “nam keun hai reep dtak” (make hay while the sun shines) to convey his message.

“There is a Thai saying, nam keun hai reep dtak, meaning we should do our best when opportunities are given,” he said, referring to the Thai government’s attempt to deepen economic and political ties between the two nations and a number of infrastructure projects being rolled out in the Kingdom.

Kim Moon-young, head of the Bangkok office of the Korea Trade-Investment Promotion Agency, said foreign direct investment from South Korea to Asean amounted to US$3.28 billion (Bt116 billion) last year, with nearly one-third going to Vietnam and only $82 million to Thailand.

Kim said that was not proportional to the size of the Thai economy, which was the second-largest in Asean.

He said the reasons for that included the strong presence of Japanese companies in the Kingdom, Koreans’ perception that Thailand is only a tourism powerhouse, and the absence of Korean banks in Thailand.

There are more than 5,000 Japanese companies operating in Thailand, compared with just 375 South Korean firms.

Deputy Prime Minister Somkid Jatusripitak told the roadshow that Thailand was spending hugely on various infrastructure projects to connect the country better with the Asean Economic Community, which would make it a true gateway to Southeast Asia.

He invited South Korean companies to take part in Thailand’s infrastructure and “digital economy” projects, with investment terms beyond the BOI’s tax incentives negotiable.

He said he met senior Samsung executives on Wednesday and expressed his dismay over why the country was investing in Vietnam and not Thailand.