Thailand and Saudi Arabia have made notable progress in strengthening their bilateral trade relations, with both nations exploring ways to further enhance economic cooperation.
This was announced by Dr. Nalinee Thavisin, Thai Trade Representative, after a meeting with her Saudi counterpart.
Since the resumption of diplomatic relations in 2022, bilateral trade between the two nations has increased by more than 30 percent. The opening of a Thai Board of Investment office in Riyadh highlights Thailand’s dedication to supporting Saudi Vision 2030 and attracting investments from the Kingdom.
According to the reports, the key focus of the discussions was the potential for a Free Trade Agreement (FTA) between Thailand and the Gulf Cooperation Council (GCC). The GCC, comprising six Arab countries, represents a significant market with strong purchasing power and a diverse demand for goods and services.
Both countries acknowledged the complementary nature of their economies and the potential for a strategic partnership. Thailand aims to establish itself as a regional hub across various sectors, while Saudi Arabia looks to broaden its economic influence.
In recent years, bilateral trade between Thailand and Saudi Arabia has consistently exceeded $7 billion. Thailand is a key exporter of automobiles, wood products, and canned seafood to Saudi Arabia, while the Kingdom exports crude oil, chemicals, and fertilizers to Thailand.
Both countries have recognized the complementary nature of their economies, with Thailand positioning itself as a regional hub in sectors such as manufacturing and services, and Saudi Arabia expanding its economic influence as part of its Vision 2030 goals.
