Thai & Saudi trade set to surge
Thailand
remains on track to improve economic ties with Saudi Arabia as it seeks a new
potential market for its products.
The value of
business deals between Thailand and Saudi Arabia is expected to reach 10
billion baht this year, said Nava Chantanasurakon, a member of the executive
board of the Federation of Thai Industries (FTI).
"Saudi
Arabia is a high-potential market and a gateway to the Middle East," he
said, referring to the Gulf Cooperation Council, which comprises Saudi Arabia,
Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman
Saudi Arabia
wants Thai businesses to invest there, especially after Thailand and Saudi
Arabia agreed to boost business relations.
Last year, a
joint business council between the two countries was set up to promote trade
under a memorandum of understanding signed by the Joint Standing Committee on
Commerce, Industry and Banking and the Federation of Saudi Chambers of
Commerce.
The (FTI) is
optimistic about trade benefits, work and investments in Saudi Arabia, which is
pursuing "Vision 2030."
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