Partnership to Be in the Works for Korean and Thai Small and Mid-Sized Firms

Korea and Thailand will move forward with cooperation between small and mid-sized Korean and Thai companies to promote small and mid-sized Korean companies’ entry into the ASEAN market.

The Korean Small and Medium Business Administration (SMBA) announced on March 1 that it discuss ways for cooperation between the two nations in the Bilateral Meeting on Cooperation between small and mid-sized Korean and Thai companies with the Thai Ministry of Industry in Bangkok, Thailand.

In the bilateral meeting, Joo Young-sup, head of the Korean Small and Medium Business Administration, proposed the establishment of the Korea-Thai Technology Exchange Center, global start-up foundation cooperation, and a regular meeting of the joint committee of small and mid-sized Korean and Thai companies. The Thai side agreed with the Korean side on ways to cooperate with each other to increase the competitiveness of small and medium-sized Korean and Thai companies.

The two countries agreed to establish the "Korea-Thailand Technology Exchange Center" jointly operated by the Korean Small and Medium Business Administration and the Ministry of Industry of Thailand in Thailand in order to expand business matching opportunities between the two countries within this year. On top of that, both sides agreed to help technological companies advance into each other’s country by exchanging business foundation teams which will participate in the Global Start-up Foundation Support Program. Furthermore, if the Thai government discovers Thai business founders who want to start business in Korea, they will be supported via a program to support foreigners’ business foundation of the Korean Small and Medium Business Administration