On 27 August 2024, H.E. Mr. Tanee Sangrat, Ambassador of Thailand to the ROK, witnessed the signing ceremony of the Memorandum of Understanding (MOU) between Thai Defense Industry (TDI), under the Defense Technology Institute (DTI), and Hanwha Aerospace to develop an upgraded and modernised version of the K200 Infantry Fighting Vehicle (IFV) for the Royal Thai Army and for other countries in the future. This joint venture is also implemented in partnership with Chaiseri Metal and Rubber Co., Ltd.

Ambassador Tanee underlined not only the symbolic significance of the MOU, but its reflection of the longstanding and close cooperation and relations between Thailand and the ROK, which date back to the Korean War. The Ambassador further expressed his hope that both countries will continue to seek opportunities for collaboration and cooperation in elevating their respective defence industries in the future.