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Thai & Saudi trade set to surge

Published 2023-08-16 12:50:46

Thailand remains on track to improve economic ties with Saudi Arabia as it seeks a new potential market for its products.


The value of business deals between Thailand and Saudi Arabia is expected to reach 10 billion baht this year, said Nava Chantanasurakon, a member of the executive board of the Federation of Thai Industries (FTI).


"Saudi Arabia is a high-potential market and a gateway to the Middle East," he said, referring to the Gulf Cooperation Council, which comprises Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman


Saudi Arabia wants Thai businesses to invest there, especially after Thailand and Saudi Arabia agreed to boost business relations.


Last year, a joint business council between the two countries was set up to promote trade under a memorandum of understanding signed by the Joint Standing Committee on Commerce, Industry and Banking and the Federation of Saudi Chambers of Commerce.


The (FTI) is optimistic about trade benefits, work and investments in Saudi Arabia, which is pursuing "Vision 2030."


Source: Bangkok Post

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