By Kwon Mee-yoo
Korea is seeking to participate in the reconstruction efforts in Thailand, now recovering from damage caused by the devastating flooding.
Korean Ambassador to Thailand Lim Jae-hong said the Thai government is putting some 68 trillion won to rebuild the nation hit by floods last year, at the fifth Emerging Market Forum held by the Federation of Korean Industries (FKI), Friday.
According to Lim, the Thai government is going to invest about 13 trillion won to reconstruct the country including the restoration of roads, transportation facilities and schools and the establishment of a flood control system. He added that the country will put up another 55 trillion won for transportation and communication infrastructure such as introducing a bullet train and an advanced public transportation system.
"Korean companies could participate in the reconstruction work such as working on river banks and dredging. Korea went through a four-river restoration project and we have strength in the field," Lim said.
He also said "hallyu," or the Korean wave, has created a convivial atmosphere toward Korea in Thailand.
"First Korean dramas and now K-pop and cosmetics are in vogue in Thailand. With the popularity of Korean culture, the image of Korea and Korean people are also positive in Thailand. The favorable impression also applies to Korean products," the ambassador said. "We could continue this mood toward Korean companies by making a foray into the Thai market, by helping the country overcoming flood damage."
Another report by the Korea Trade-Investment Promotion Agency (KOTRA) also said that the flood damage could be a chance for Korean firms, as Japanese companies bore the brunt of the high waters since most of their factories were located in waterlogged industrial complexes.
The Southeast Asian country suffered from a deluge that started around July 2011 and continued for over four months. It affected about 10,000 companies, about 20 percent of the country's manufacturing facilities, and 813 people died while more than 3 million victims were left homeless. Thailand estimates the flood damage at over 52 trillion won.
The FKI runs forums on emerging markets such as South America, Africa and ASEAN countries to share information and encourage networking between related companies. More than 20 parties interested in reconstruction work in Thailand attended Friday's forum.