Saudi Commerce Minister Enhances Economic Relations With Thailand Visit

Today marks a significant stride in Saudi-Thai economic relations as Dr. Majid Al-Qasabi, Minister of Commerce and Chairman of the Board of Directors of the General Authority of Foreign Trade, embarks on a pivotal visit to the Kingdom of Thailand. This visit is aimed at bolstering economic ties through the signing of a memorandum of understanding with the Thai Ministry of Commerce and the convening of the Saudi-Thai Business Council.

The council's primary goal is to introduce representatives from both nations to the myriad of direct and indirect investment opportunities available, while also providing a platform for the amicable resolution of trade disputes. Dr. Al-Qasabi's agenda includes high-level meetings with Thai officials such as Prime Minister Srettha Thavisin, Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai, along with ministers overseeing Public Health, Labour, Industry, and Tourism and Sports.

Accompanying Dr. Al-Qasabi is a delegation comprising representatives from several Saudi ministries including Foreign Affairs, Investment, Tourism, Human Resources and Social Development, Economy and Planning. Also part of the delegation are members from the Saudi Food and Drug Authority, the Export Development Authority, the Public Investment Fund, and leading Saudi companies. This visit underscores the deepening relationship between Saudi Arabia and Thailand.

In 2023, Riyadh hosted the Thai Trade Exhibition, which saw an impressive attendance exceeding 40,000 visitors. The event featured around 300 prominent entities and brands, offering Saudi entrepreneurs, businesspeople, and investors a prime opportunity to explore investment and partnership avenues with their Thai counterparts across various sectors.

This initiative not only strengthens bilateral economic relations but also opens up new avenues for collaboration between Saudi Arabian and Thai businesses. The visit by Dr. Al-Qasabi and his delegation is a testament to the growing ties between the two countries, reflecting a mutual interest in exploring new opportunities for economic cooperation.

With inputs from SPA