Saudi Arabia and Thailand signed in Riyadh on Monday five commercial agreements and established the Saudi-Thai Business Forum.
Thai Deputy Prime Minister and Commerce Minister Jurin Laksanawisit confirmed that the two countries would advance towards the most comprehensive cooperative scope, covering all vital sectors.
Laksanawisit addressed the Saudi-Thai Business Council at the Federation of Saudi Chambers in Riyadh, saying his meetings with Saudi officials resulted in the signing of three important agreements in free trade, facilitating commercial procedures, and establishing a joint business council.
Speaking to Asharq Al-Awsat, Laksanawisit said the Kingdom's Vision 2030 is a strong foundation for Saudi Arabia's success and development.
He stressed that the Thai government and the business sector aspire to participate in the projects and investment opportunities the Vision offers.
Trade exchange between Saudi Arabia and Thailand increased by 29 percent in 2021, said the official, noting that the approval of the establishment of a joint business council is essential to boost cooperation between the countries.
He called on Saudi businessmen to invest in various Thai economic sectors and take advantage of the opportunities, the investment environment, and the facilities it offers foreign investors.
Over 350 senior officials and business leaders from Saudi Arabia and Thailand participated in the Saudi-Thai Business Forum organized by the Federation of Saudi Chambers to discuss prospects for economic cooperation.
Governor of the Saudi Standards, Metrology, and Quality Organization (SASO), Saad al-Qasabi, delivered a speech at the council on behalf of Saudi Minister of Commerce, Majid al-Qasabi.
Saad al-Qasabi said Saudi-Thai relations are witnessing unprecedented development and outstanding achievements.
The forum boosts the partnership with Thailand, valued at $7 billion in 2021, he added, noting that intra-regional trade is expected to increase by nearly 30 percent to exceed $9 billion.
President of the Federation of Saudi Chambers, Ajlan al-Ajlan, stressed the importance of the forum in bringing about a qualitative transformation in trade and investment between the Kingdom and Thailand.
Ajlan reviewed the Kingdom's economic potential through Vision 2030 and its efforts to increase non-oil exports by developing several economic sectors.
He explained that the government supports Saudi-Thai economic relations, which helped increase the trade volume by 29 percent in 2021, while the total volume of trade exchange amounted to $34.9 billion during the past five years.
The official supports providing an appropriate investment and commercial climate, including establishing a joint council and activating the agreements signed between the two countries to promote relations to the level of strategic economic partnership.
