RIYADH: Trade exchange between Saudi Arabia and Thailand is on track to flourish following a new agreement signed by the Saudi EXIM Bank.
Inked with its counterpart, the EXIM Bank of Thailand, the memorandum of understanding aims to enhance aspects of cooperation in export and import-related activities, the Saudi Press Agency reported.
Signed on the sidelines of the Asian EXIM Banks Forum held in Sydney from Nov. 20-23, the new deal falls in line with the Saudi EXIM Bank’s vision to further empower the Kingdom’s non-oil economy in global markets.
It also aligns well with its mission to enable Saudi exports to reach global markets by bridging financing gaps and mitigating export risks.
According to Deputy CEO of the Saudi EXIM Bank Naif Bin Abdulrahman Al-Shammari, the agreement is part of the institution’s objective to establish more partnerships with regional and global banks and financial establishments.
The MoU will see each party work hand in hand to exchange information and expertise.
Under the terms of the agreement, both sides will also provide lines of credit and other credit facilities that enhance Saudi exports’ access to Asian markets and enable Asian imports to enter Saudi markets.
On behalf of the EXIM Bank of Thailand, Senior Executive Vice President Benjarong Suwankiri explained that the new partnership will contribute to achieving communication and cooperation between companies in the Kingdom and Thailand, thus further supporting the movement of trade and investment between the two countries.
Suwankiri added that this collaboration will pave the way for elevating cooperation prospects and intra-trade with the Kingdom.
In Nov. 2022, a top trade negotiation official disclosed that Thailand wants to be Saudi Arabia’s “gateway” to Asian markets, following Crown Prince Mohammed bin Salman’s arrival in Bangkok as a special guest of the Thai government at the time.
The Saudi crown prince’s one-day Thailand trip was a historic moment in Riyadh-Bangkok ties, which stalled in the 1980s and were restored in early 2022 when Prime Minister Prayut Chan-o-cha visited the Kingdom.
“Since the normalization of the diplomatic relationship in January, the value of trade, the growth, is around 50 percent plus,” Auramon Supthaweethum, director general of the Department of Trade Negotiations, told Arab News at the Asia-Pacific Economic Cooperation summit in Bangkok at the time.
