RIYADH: Saudi Arabia and Thailand are setting efforts to improve economic and trade relations through investments and opportunities available in light of the Kingdom's Vision 2030 and Thailand's priorities, amid three decades of conflict.
This includes the policy of a dynamic, circular, green economy, in addition to discovering new areas of cooperation, such as renewable energy and the environment, digital transformation, and cybersecurity.
Discussions were held during the visit of Thailand's Prime Minister and Minister of Defense, General Prayut Chan-ocha, to the Kingdom on January 25 and 26, Saudi Press Agency reported.
The leadership of both countries has a serious desire to continue consultation and coordination at all levels, especially trade and investment, the Commerce Minister Majid Al-Qasabi said in a statement to SPA.
Al-Qasabi stressed the importance of the effective role of the private sector in developing relations with all countries of the world, by taking advantage of investment opportunities and working hard to overcome all obstacles to the establishment of joint commercial and industrial projects.
Renewing and restoring relations between #KSA and #Thailand is powerful and beneficial, especially because both countries have strong economic systems. In 2019, bilateral trade was remarkably high. Here’s an overview. pic.twitter.com/VXnff40rXA
— CIC Saudi Arabia (@CICSaudi) January 26, 2022
Both countries aim to open new horizons to increase their prosperity, Foreign Minister Prince Faisal bin Farhan said.
The volume of the Kingdom's exports to Thailand amounted to $4 billion during 2020, while the volume of Thailand's exports to the Kingdom amounted to $1.65 billion in the same year, he said.
The volume of trade exchange between Saudi Arabia and Thailand in the past five years amounted to SR130 billion ($34.65 billion), according to SPA.
The Kingdom's non-oil exports to Thailand exceeded SR2 billion during the year 2020, with mineral, chemical and aluminum products topping the list of the most important exported commodities. Cars and their parts, machinery, wood and its products were among most prominent imported commodities.
Speaking to Arab News, Abdullah Al-Maghlouth from the Saudi Economic Association said: “Over 100,000 Saudi tourists will visit Thailand in 2024 and we will witness a jump in the volume of trade exchange from $10 billion to $40 billion between the two countries over the next three years.”
He added that improving relations with the Asian country will reduce the recruitment bill of skilled and domestic workers.
“As many as 220,000 job opportunities await Thai workers in construction work, car workshops, infrastructure works, nursing, agriculture, fishing and hotels during the next five years in Saudi Arabia,” he said.