Seminar in Bangkok makes strong push for closer Thai-Saudi trade and travel ties

A “Trade - Travel - Investment” seminar in The Thai capital aimed to help achieve closer business ties between Thailand and Saudi Arabia.

The event was organised jointly by the Thai Chamber of Commerce and Board of Trade of Thailand together with Index Creative Plc at the chamber building. The forum also served as a platform for over 300 business entities from both nations to exchange ideas and discuss potential trade opportunities.

Last year, Saudi Arabian tourists returned in large numbers to Thailand, following the re-establishment of diplomatic relations between the two countries in early 2022.
 

Chamber chairman Sanan Angubolkul said that the total trade volume between Thailand and Saudi Arabia last year was worth 323.113 billion baht, an increase of 37.64 per cent year on year. Saudi Arabia is Thailand’s 17th largest trading partner and second largest in the Middle East. 

Tourism is growing too with 96,389 visitors from Saudi Arabia visiting Thailand and generating 8 billion baht in revenue. The number of visitors from Saudi Arabia this year is expected to reach 150,000, generating revenue in excess of 12 billion baht, aided by the surge in the number of flights between the two countries from 9 to 42 flights per week.

Saudi Arabia is interested in investment opportunities in Thailand’s Eastern Economic Corridor, Thailand’s Ambassador to Saudi Arabia, Darm Boontham, said at the seminar.
Saudi Arabia is also ready to support the establishment of a free-trade zone between Thailand and the Gulf Cooperation Council (GCC), which can lead to more trade opportunities in southern Africa. The GCC is made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Saudi Arabia’s ambassador to Thailand, Abdulrahman Abdulaziz Alsuhaibani said that Thai-Saudi bilateral relations had made significant progress, as both nations seek to cooperate in various projects covering modern agriculture, trade, tourism, investment, health, education, to support Saudi Arabia’s “Neom” smart city mega-project.
Saudi Arabia has set six targets as part of its “Vision 2030” economic development project:�
■ Increase the private sector’s contribution to the country’s gross domestic product (GDP) from 40% to 60%
■ Boost non-oil exports from 16% of GDP to 50%
■ Increase spending on cultural and entertainment projects from 2.9% to 6%
■ Raise foreign direct investment from 3.8 per cent to 5.7 per cent in line with international practice.
■ Expand facilities to accommodate 30 million Muslim pilgrims from 8 million� at present
■ Establish a system to ensure food security
These are potential trade and investment opportunities for Thai business entities to connect with Saudi Arabian counterparts, the ambassador said.
The chamber, the Export-Import Bank of Thailand (EXIM) and the Thai government will provide assistance to Thai business entities accordingly.
The founder and CEO of Creative Village Plc, Kriengkrai Kanchanapokin, said Creative Village plans to join the chamber in hosting the Thailand Mega Fair & Festival 2023 in Riyadh from December 13-16 this year to present numerous trade, investment, business opportunities and cultural exchanges between Saudi Arabia and Thailand.