South Korea and Thailand are marking 65 years of diplomatic relations this year and to celebrate the occasion, Gyeonggi Province and Gyeonggido Business and Science Accelerator (GBSA) brought the G-Fair ASEAN+ 2003 to Bangkok.

South Korea’s largest trade exhibition in the region, the two-day event, which ended on  Friday, saw the largest-ever delegation of 227 Gyeonggi-based companies come to the Thai capital.

“We held two events online in India, Vietnam, and Malaysia, but chose to have our offline event in Bangkok. We value Bangkok and Thailand as our most important partner in ASEAN. Thailand has also been a good friend of Korea since 1950 and has long been our strategic partner,” said Gyeonggi Governor Kim Dong-yeon.

The governor added that Gyeonggi province is considered the hub of industry and the economy of South Korea and a leader in future mobility, digital, life science, and robotics.

“We expect diverse and active exchanges between Thailand and Gyeonggi province. The fair offers an opportunity to participating companies to explore business potential with Thai partners,” said Kim.

Presiding over the opening of G Fair ASEAN+, Thailand’s caretaker Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit said that the cooperation between the two countries surpassed expectations.

“We had set a three-year plan when holding the fair last year. But Thai exports to South Korea in 2022 alone exceeded the three-year target of 25 billion baht. The export value reached 35 billion baht last year, a 19% increase from the previous year,” said Jurin.

In opening the fair, Jurin stressed the importance of enhancing trade relationships while the Gyeonggi governor added that the future cooperation would also extend to the cultural front.

“The governor asked me to recommend the best place to have Pad Thai noodles, and I gave him a few names that came to mind. I also told him to go to Jay Fai, which is a Michelin-starred shop,” added Jurin.

The G-Fair ASEAN+ 2023 was bigger than last year’s edition, showcasing Gyeonggi-based companies from industrial suppliers to beauty and healthcare manufacturers, totaling over 1,000 product items. Last year, the event landed deals worth US$28 million despite post-pandemic challenges. This year’s event is expected to exceed that figure due to the higher number of participants.

Gyeonggi province is South Korea’s largest industrial center and the most populous province, with a population of 7.84 million economically active individuals and 1.45 million businesses (as of 2020). The province’s exports totalled US$137.8 billion while imports came to US$162.3 billion in 2021.

The fair promoted businesses from Gyeonggi province to explore opportunities and partnerships with Thai companies. Some manufacturers looked for distributors, while others explored opportunities to find local partners.

“Thailand is known as the ‘Factory of the World’ due to its excellent manufacturing capabilities. We believe that strength, combined with the innovative technologies and commercialization expertise of Gyeonggi Province, will prove mutually beneficial as we explore global markets. We are therefore also planning to discuss collaboration strategies with the Bangkok Governor,” Kim said.

By Veena Thoopkrajae