Thailand And Saudi Arabia Sign Agreements Worth $85 million
Saudi arabia–Thailand is going places as it is tying up with one of Middle East’s most powerful country. A free trade agreement has been signed by Saudi Arabia and Thailand to establish a Saudi-Thai Business Council and facilitate bilateral trade. This was done at the Saudi-Thai Business Forum organized by the Council of Saudi Chambers. Both countries are looking at exploiting economic potential and promising investment opportunities.
Saudi Vision 2030 and its initiatives are a key to facilitating economic cooperation between the two countries. The forum was attended by more than 300 business leaders from both the countries including senior officials. “We are interested in the Kingdom being the main supplier of energy to Thailand, and for our part, we can become a major source of the Kingdom’s food security,” Thai Deputy Prime Minister and Minister of Trade, Jurin Laksanawisitt, said.
The commercial agreements are now worth more than $85.33mln. Some five agreements have been signed between Saudi and Thai entities and companies in several fields, most notably medical tourism, food products and auto spare parts.
The volume of trade exchange between Saudi Arabia and Thailand leapt 46% during the past seven months, compared to the same period last year, Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce has confirmed to the media.
For starters, the Saudi Arabian government has already allowed chicken imports from 11 Thai plants as their trade agreements take off. The commerce minister hailed the visit as a success that had opened channels to export many Thai products to the Middle East country. He also noted that Thai exports to Saudi Arabia had risen 26 per cent during the first seven months compared with the same period last year.
A decades-long freeze in relations between Saudi Arabia and Thailand ended in January when PM Prayut Chan-o-cha was hosted on a state visit to the country.