Saudi Minister Highlights Robust Economic Ties with Thailand at Investment Forum

KSA, 16 July, 2024 : Saudi Arabia and Thailand have made significant strides in their trade relations, with trade exchange reaching $7.5 billion in 2022 and approximately $9 billion in 2023. Minister of Investment Eng. Khalid Al-Falih highlighted the development of economic partnerships between the two nations at the "Saudi-Thailand Investment Forum."

In his speech, Al-Falih noted that around 200,000 Saudis traveled to Bangkok last year, while more than 30,000 Thais visited Riyadh. Saudi Arabia is working on agreements in auto spare parts and aims to invest in digital technology, biofuels, data processing, and artificial intelligence. He emphasized the importance of partnerships in energy and food security, predicting Saudi Arabia will need to import $35 million worth of foodstuffs by 2030.

Thailand's Minister of Foreign Affairs Maris Sangyambongsa reported that bilateral trade reached $9 billion last year, accounting for 22% of Thailand’s total trade with the Middle East. He stressed the need to further increase these numbers through expanded cooperation.

Maris highlighted progress in joint investment initiatives in finance, digital, and manufacturing industries. He welcomed the Saudi delegation to Bangkok for the first meeting of the Saudi-Thailand Coordination Council (STCC), aimed at advancing relations through comprehensive cooperation centers.

During the forum, several agreements were concluded to expand investments, aligning with the future directions of both countries. The Saudi-Thailand Investment Forum seeks to explore and enhance investment opportunities between the two nations.

Source : www.zawya.com