Stubborn defense of currencies depleting foreign currency reserves led to financial crises in Korean and Thailand. This resulted in both countries agreeing to implement restructuring and liberalization measures in exchange for much needed assistance from the International Monetary Fund and other international financial institutions. Since the outbreak of the financial crisis in 1997, both countries have continued to work closely with the IMF and have made great strides toward recovery.

Demonstrating the success of Thailand's response, many foreign investors have made significant recommitment or continued commitment to the country. Investment from the EU, the US and Japan have all increased lately. In addition to the improving prospects of the domestic economy, investors are drawn to the lower labor and raw material costs offered since the fall in the value of the baht.

The Bank of Thailand announced that foreign direct investment (FDI) totalled USD 7.6 billion in 1998, the highest level in the country's history. A total of USD 2.1 billion was invested in the banking sector, with the remainder going to the real sector. Of the USD 5.5 billion investment in the corporate sector, USD 4.5 billion went towards equity investment. Japan was the largest investor in 1998, accounting for one-third of total inflows into Thailand, followed by the United States with a 17% share and Hong Kong with a 9% share.

The industrial sector received 47% of non-bank FDI in Thailand, followed by 18% in trading and holding companies and 13% in financial institutions, mostly in retail banking. Investment in the machinery and transportation sectors accounted for 31% of total industrial investment in 1998, followed by 17% going to the oil refinery sector, 16% in the ferrous and non-ferrous metals sector and 9% in the petrochemical sector.

The majority of foreign investment to Thailand in 1998 was used to boost the the financial structure and efficiency of local firms. Almost none went towards increasing production capacity. This trend will likely continue until recovery has been realized and positive growth has continued for a number of years. Meanwhile, worries of a widespread takeover of key Thai industries by foreign investors have proved largely unfounded. In a survey of 50 leading industrial firms in Thailand, only 14% of foreign investment in 1998 was characterized as investment intended to rest corporate management away from domestic control.

To further take advantage of the benefits of foreign investment, in June 1998, the Thai Government announced a series of measures designed to help revive the economy by attracting increased foreign investment. Such measures would also indirectly improve efficiency and the competitiveness of Thai industries, and decrease unemployment through the creation of new jobs.

These measures included the relaxation of restrictions on the location of export promotion zones. Such zones, in which foreign companies targeting exports out of Thailand may set up operations and receive various incentives, may now be established anywhere in the country, with the local governments given largely free reign as to what incentives they want to provide. Foreign companies will be able to import most raw materials and other intermediary goods intended for exports, and also machinery using higher technology, duty-free. Meanwhile, guidelines governing the evaluation of expansion projects by foreign companies have been clarified. Such investment must surpass the former company's one-year sales by 80% and increase employment by either 500 employees or by 50% of the prior level. For projects meeting these criteria, an income tax waiver for 3 years will be provided if the project is located in the Bangkok area and up to 5 years for projects outside of the capital.

Applications for these expansion projects must be submitted to the Board of Investment (BOI) no later than December 31, 1999.Other amendments under the Alien Business Laws that will boost foreign investment and presence in the Thai export sector will also be studied and implemented. The BOI will cooperate with the public and private sectors to study which agricultural and agro-industry activities can be added to the list of activities in which foreign companies may be eligible to receive incentives. Research will be conducted to determine measures to encourage foreign companies to provide greater levels of training, engage in increased levels of research and development and to apply environmental protection measures more widely. An environment will be created to revive the real estate sector by enabling foreign companies to purchase a specified number of existing buildings, within a given time frame. The liberalization of BOI Investment Laws and Alien Business Laws will be implemented to ensure all of the above take place.Despite these increased incentives to foreign investment in Thailand, Korean direct investment in Thailand has continued to fall, while that of Japan and most advanced western nations increase. This is largely due to Korea's own credit crunch and falling credit ratings making finding needed financing impossible.

As for Korean companies already operating in Thailand, performance has varied according to the type of sales targeted. Broadly, export-oriented Korean affiliates in Thailand have outperformed those affiliates relying mostly on domestic Thai sales due to the domestic economic difficulties. However, even export-oriented affiliates have not escaped difficulties as financial support from their parent companies back in Korea has been substantially reduced, forcing them to often totally fend for themselves. Particularly, in the case of those exporters that must first obtain raw materials from Korea, troubles of the home-based companies have interrupted a smooth supply of raw materials.
Meanwhile, those companies relying on sales to the domestic Thai market have had to try to reverse strategies and increase export sales.

Overall, the coping strategy of Korean affiliates operating in Thailand is an increase in the localization ratio of production. However, Thailand shows the greatest promise of recovery among those Asian economies suffering from the financial crisis. Thus, to capitalize on the eventual revitalization of the economy Korean companies must maintain a Thai presence and implement and pursue new investment strategies vis-a-vis the country. However, such investment is unlikely to be implemented unless government support is forthcoming. Such support is exactly what Japanese government is actively providing its own country's firms operating in Southeast Asia. Similar action by the Korean government would ensure continued competitiveness by Korean firms in the region and prevent Koreans from missing out on the substantial opportunities provided by still promising potential of Thailand.

Ⅰ. 서론

Ⅱ. 외환위기 이후 태국의 경제상황
1. 경제현황 및 전망
2. 외국인 투자정책의 변화
3. 최근 외국인 투자동향의 특징

Ⅲ. 한국 현지법인의 경영실적 변화
1. 실적호전 사례
2. 경영악화 사례
3. 경영실적 변화의 요인

Ⅳ. 현지법인들의 구조조정
1. 수출선 다변화
2. 내수기반 확충
3. 한국기업의 구조조정 평가
4. 일본기업의 구조조정 전략과의 비교

Ⅴ. 결론: 한국현지 법인의 경영개선 전략

參考文獻