Thailand's PTT seeks investment, partnerships with Korean tech firms

Thailand's largest conglomerate as well as a state-owned oil and energy company PTT called for investments from South Korean companies, in a bid to forge potential partnerships and scale up its businesses ranging from EVs to semiconductors, during a session organized by the Thai Embassy held in Seoul on Monday.

During the session, the chief officer of PTT Buranin Rattanasombat said that PTT will function as an optimal partner for Korea. The group has forayed into a number of key industries where Korea has a competitive edge, including electric vehicles, renewable energy and electrification solutions, net-zero emission technology, smart factory transformation, biotechnology and life sciences.

According to Rattanasombat, PTT has recently newly launched corporate vision “Powering Life with Future Energy and Beyond,” with which the group aimed to venture into a slew of future industries in the coming years.

Ekachai Yimsakul, managing director of Arun Plus, a 100 percent owned subsidiary of PTT specializing in creating an intragroup EV value chain system, said that the company is especially suited to establishing a promising EV business with hefty government subsidies, with taxes on building EVs reduced from 8 percent to 2 percent. He added with the subsidies, the group is currently expected to locally produce EVs in the next two years.

Aniwat Tandaechanurat, team leader of smart electronics at PTT, further added that as Thailand possesses advanced electronic manufacturing technology that is responsible for generating over 15 percent of the country’s gross domestic product -- the group is further expected to expand its footprint in electronics, led mainly by its front-end chip manufacturing business.

During the session, Thai Ambassador to Korea Witchu Vejjajiva emphasized that forming country-to-country partnerships in the Korean and Thai private sectors against the backdrop of geopolitical tensions and the aftermath of pandemic will be essential.

"The cooperation (between Thailand and Korea) would help both countries to weather through the upcoming global challenges ahead while enhancing mutual benefits," Vejjajiva said.