Saudi Arabia and Thailand are collaborating to promote innovation and entrepreneurship, strengthening their bilateral relations,” said Saudi Commerce Minister Majid Al-Qasabi. Speaking at the Thailand Mega Fair in Riyadh, Al-Qasabi highlighted the joint efforts to expand growth opportunities, stating, “We are committed to facilitating trade and investment and fostering innovation and entrepreneurship to enhance cooperation between our countries.”
Emphasizing the potential for economic growth and mutual benefits, he added, “Both countries have significant potential to grow their economies and numerous opportunities to share across their private sectors.”
The bilateral trade relationship has witnessed an increase, with Riyadh hosting a four-day trade show in August featuring over 100 manufacturers and entrepreneurs from Thailand showcasing a variety of products across different sectors.
“The recent visit by Thailand’s Prime Minister to Saudi Arabia has laid the foundation for a three-year economic plan focused on trade and investment,” said Deputy Prime Minister Parnpree Bahiddha-nukara in his opening remarks at the event. He outlined Thailand’s commitment to supporting Saudi Vision 2030 in areas such as agriculture, food security, wellness, medicine, tourism services, and hospitality.
Bahiddha-nukara also highlighted Saudi Arabia’s role in supporting and facilitating the green hydrogen project in Thailand. Additionally, the establishment of the Saudi-Thai Business Council in August last year led to the signing of two crucial agreements on free trade and streamlining commercial procedures between the two nations.
“Our delegation’s participation in the Saudi-Thai Joint Business Council meeting and the Saudi-Thai Business Forum has been instrumental,” said Thai Chamber of Commerce Chairman Sanan Angubolkul. This participation resulted in fruitful cooperation, with agreements focusing on 10 key sectors, including building materials, food and beverage, tourism, services, and energy.
“We are committed to enhancing our economic relations by targeting a 20 percent increase in trade volume, reaching a goal of $12 billion by 2024,” added Angubolkul.
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