Trade relations between Saudi Arabia and Thailand have seen significant progress in recent years, with the trade exchange between the two countries reaching $7.5 billion in 2022 and around $9 billion in 2023. Minister of Investment Eng. Khalid Al-Falih highlighted the growth in economic relations and opportunities for partnerships between the two nations. He emphasized the importance of investing in areas such as auto spare parts, digital technology, biofuels, data processing, and artificial intelligence. Al-Falih also mentioned the significance of partnership in ensuring energy and food security, with the demand for food in Saudi Arabia expected to increase by 2030. The minister expects Riyadh to import $35 million worth of foodstuffs to meet these growing needs and ensure food security for both countries.
Thailand’s Minister of Foreign Affairs Maris Sangyambongsa shared that the volume of bilateral trade between Saudi Arabia and Thailand reached $9 billion in the past year, accounting for about 22 percent of Thailand’s total trade with the Middle East. He expressed the need to further increase these numbers in the future by expanding cooperation in various areas. Sangyambongsa highlighted the progress made in promoting and facilitating investment through joint initiatives in finance, digital, and manufacturing industries. He anticipated the first meeting of the Saudi-Thailand Coordination Council (STCC) in Bangkok later this year, which aims to enhance relations through comprehensive cooperation centers.
During the Saudi-Thailand Investment Forum, several agreements were signed to expand investments in alignment with the future directions of both countries. The forum, which seeks to explore opportunities for expanding investments between Saudi Arabia and Thailand, aims to foster economic growth and bilateral cooperation. The focus areas for investment include auto spare parts, digital technology, biofuels, data processing, and artificial intelligence, reflecting the shared goals of both nations in advancing technological innovation and economic development. The agreements reached during the forum are expected to pave the way for increased collaboration and investment in various sectors to benefit both countries.
The forum also highlighted the importance of strengthening partnerships in key sectors such as energy and food security to meet the evolving needs of both Saudi Arabia and Thailand. With the expected growth in food demand in Saudi Arabia by 2030, there is a need for strategic imports to ensure food security for the nation. By investing in the fields of agriculture and food production, both countries can work together to enhance food security and meet the growing demands of their respective populations. The agreements and partnerships forged during the forum underscore the commitment of Saudi Arabia and Thailand to working together to address common challenges and seize opportunities for mutual benefit.
In addition to trade and investment, the forum emphasized the significance of cultural and people-to-people exchanges between Saudi Arabia and Thailand. The increasing number of travelers between the two countries, with 200,000 Saudis visiting Bangkok and 30,000 Thais visiting Riyadh, underscores the growing interest and connections between the two nations. By promoting tourism and cultural exchanges, Saudi Arabia and Thailand can further strengthen their ties and enhance mutual understanding. Initiatives to encourage travel and cultural exchange can play a vital role in fostering closer relations and building bridges between the people of both countries.
Overall, the Saudi-Thailand Investment Forum serves as a platform for enhancing economic cooperation, expanding investments, and fostering partnerships between Saudi Arabia and Thailand. The agreements and initiatives discussed during the forum reflect the shared commitment of both countries to advancing their bilateral relations and exploring new opportunities for collaboration. By focusing on key sectors such as technology, energy, food security, and cultural exchange, Saudi Arabia and Thailand can work together to achieve mutual prosperity and create a more sustainable future for their citizens. Through continued dialogue and cooperation, both nations can build on the progress made during the forum and further strengthen their partnership for the benefit of their economies and people.
