Thai Labor Ready to Enter Saudi Market

Thai Minister of Labor Suchart Chomklin during his meeting at the Federation of Saudi Chambers. (Asharq Al-Awsat)
Thai Minister of Labor Suchart Chomklin during his meeting at the Federation of Saudi Chambers. (Asharq Al-Awsat)
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Thai Labor Ready to Enter Saudi Market

Thai Minister of Labor Suchart Chomklin during his meeting at the Federation of Saudi Chambers. (Asharq Al-Awsat)
Thai Minister of Labor Suchart Chomklin during his meeting at the Federation of Saudi Chambers. (Asharq Al-Awsat)

The Thai Ministry of Labor established a center specialized in rehabilitating and training workers in all professions, signaling the revival of relations and the entry of Thai labor into the Saudi market.

Thai Minister of Labor Suchart Chomklin stated that many Thai nationals work in Japan, South Korea, Taiwan, and many countries worldwide, given their skills in the health and industrial fields.

Speaking after roundtable talks held at the Federation of Saudi Chambers, Chomklin said his country's workers boast the relevant experience in fields in the Kingdom, especially in the hotel, health, and energy sectors, and that these areas will boost tourism and human development.

Vice President of the Federation of Saudi Chambers Tariq al-Haidari stressed that leaderships in both countries have a serious desire to continue consultation and coordination, especially regarding trade and investment.

Haidari asserted that Riyadh and Bangkok want to enhance cooperation that achieves ambitions and aspirations.

He stressed that the Federation of Saudi Chambers would continue its influential role in serving the private sector and developing relations with Thailand, taking advantage of the investment opportunities and benefits.

The Federation is working hard to overcome all obstacles in establishing joint commercial and industrial projects, believing that Thai companies will contribute to the success of Vision 2030 by expanding commercial and investment projects between the two countries.

Head of al-Shorouk Center for Economic Studies Abdul Rahman Baeshen expected the current discussions by the Thai Minister in Riyadh will contribute to concluding new agreements in the field of workforce in the future.

He explained that the agreements would boost the Thai labor recruitment market, especially for domestic and skilled labor.

Baeshen indicated that Thai labor is characterized by their high skill in various fields, expecting that the coming period will witness the recruitment of large numbers of domestic workers, which will be reflected in the economic, commercial, and investment cooperation between the two countries.

Both leaderships want to move their bilateral relationships forward into strategic partnerships, which will impact the future.



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.