Saudi minister affirms strong Saudi-Thai economic relations

Minister of Investment Eng. Khalid Al-Falih confirmed the remarkable progress witnessed in trade relations between Saudi Arabia and Thailand. In response to increasing demand over several decades, the trade exchange between the two countries reached $7.5 billion in 2022 and approximately $9 billion in 2023.

He also pointed to the development of economic relations and opportunities for partnerships between the two countries.

Al-Falih revealed, during his speech at the “Saudi-Thailand Investment Forum”, that the number of travelers to Bangkok last year was about 200,000 Saudis while more than 30,000 Thais visited Riyadh in the same period.

Saudi Arabia is in the process of signing agreements in the field of auto spare parts, he said, adding that the country aims to invest in the fields of digital and technology, biofuels, data processing, and artificial intelligence, while he stressed the importance of partnership in the fields of energy and food security.

He expects the demand for food in Saudi Arabia will grow, and Riyadh will have to import $35 million worth of foodstuffs by 2030, ensuring food security in both countries.

Thailand’s Minister of Foreign Affairs Maris Sangyambongsa revealed that the volume of bilateral trade between the two countries reached $9 billion during the past year, which constituted about 22 percent of Thailand’s total trade with the Middle East.

He pointed out the importance of increasing these numbers during the coming period by continuing to expand cooperation in other areas.

Maris stated that joint efforts to promote and facilitate investment achieved progress last year, especially in agreed joint initiatives in finance, digital and manufacturing industries.

He looked forward to welcoming the Saudi delegation to Bangkok later this year to attend the first meeting of the Saudi-Thailand Coordination Council (STCC), which is considered a contributor to moving relations forward through five comprehensive cooperation centers.

A number of agreements were concluded during the forum to expand into several investment areas in line with the directions of the two countries in the next stage.

The Saudi-Thailand Investment Forum aims to explore ways to expand investments between the two countries and future opportunities.