RIYADH: Saudi Arabia and Thailand are collaborating to enhance innovation and entrepreneurship, strengthening their bilateral ties, said Saudi Commerce Minister Majid Al-Qasabi.
Speaking at the Thailand Mega Fair in Riyadh, Al-Qasabi emphasized the joint efforts to boost growth opportunities, stating, “We look forward to continuing our joint efforts to facilitate trade and investment and to stimulate innovation and entrepreneurship to develop cooperation between both of our countries.”
Highlighting the potential for economic growth and shared opportunities, he added, “The two countries have high potential to grow their economies and a wide range of wonderful opportunities they can share between their private sectors.”
The bilateral trade relationship has seen an uptick, with Riyadh hosting a four-day trade show in August featuring over 100 manufacturers and entrepreneurs from Thailand showcasing various products across sectors.
“The recent visit by Thailand’s Prime Minister to Saudi Arabia has laid the groundwork for a three-year economic plan focused on trade and investment,” said Deputy Prime Minister Parnpree Bahiddha-nukara in his opening remarks at the event
He added: “Thailand is embarking on the economic diplomacy journey toward achieving a sustainable new growth path aligning with the changing dynamics of our world. This path revolves around three key dimensions: green growth, innovation-driven growth and community-based growth.”
He outlined Thailand’s commitment to supporting Saudi Vision 2030 in areas such as agriculture, food and security, wellness, medicine, tourism services, and hospitality.
Bahiddha-nukara highlighted Saudi Arabia’s role in supporting and facilitating the green hydrogen project in Thailand.
Moreover, the establishment of the Saudi-Thai Business Council in August last year led to the signing of two crucial agreements on free trade and facilitating commercial procedures between the two nations.
“Our delegation’s participation in the Saudi-Thai Joint Business Council meeting and the Saudi-Thai Business Forum has been pivotal,” said Thai Chamber of Commerce Chairman Sanan Angubolkul.
It led to fruitful cooperation, agreeing to focus on 10 key sectors, including building materials and construction, food and beverage, tourism and services and energy.
“We’re dedicated to enhancing our economic relations by aiming to increase our trade volume by 20 percent, reaching a target of $12 billion in 2024,” said Angubolkul.
