RIYADH: Thai companies are ready to invest a combined $36 million in Saudi Arabia, a senior figure from the Asian country’s business community has revealed as relations between the two nations continue to develop.
Sanan Angubolkul, chairman of the Thai Chamber of Commerce, revealed the figure during a meeting of the Saudi-Thai Business Forum in Riyadh, according to the Saudi Press Agency.
He used his address to the event to remark how 2022 was a “fantastic” year for the Kingdom and Thailand, as it saw the resumption of diplomatic and economic relations and the expectation of several commercial agreements valued at more than $300 million.
Angubolkul added that eight Thai companies are looking to invest the sum in Saudi Arabia, expressing his country’s readiness to cooperate with the Kingdom in the energy and crude-oil storage industry.
The forum, organized by the Federation of Saudi Chambers, came during the official visit of Thailand’s Deputy Prime Minister and Minister of Foreign Affairs Don Pramudwinai to discuss prospects of cooperation between the two countries.
The minister discussed with FSC President Hassan bin Mujib Al-Huwaizi areas of cooperation between the Kingdom and Thailand and ways to expand them.
Delivering a speech at the forum, Al-Huwaizi said Saudi-Thai relations had witnessed considerable developments, including the state visits of the two countries’ leaders, and the establishment of the Saudi-Thai Coordination Council and the Joint Business Council.
Business council Chairman Sami bin Abdullah Al-Obaidi said the Saudi business community is looking forward to establishing investment partnerships with Thailand, especially in light of the promising opportunities available in the two countries.
The forum discussed investment opportunities, the business environment, and formulated a plan to enhance Saudi-Thai economic cooperation.
The volume of trade exchange between Saudi Arabia and Thailand grew by 37 percent in 2022 to reach SR36.8 billion ($9.81 billion).
In November, Auramon Supthaweethum, director general of Thailand’s Department of Trade Negotiations, told Arab News that the country could become Saudi Arabia’s “gateway” to Asian markets following Crown Prince Mohammed bin Salman’s visit to Bangkok as a special guest of the Thai government.