Saudi deal to inject ‘billions’ into Thai economy

Thailand is to welcome a delegation from oil-rich Saudi Arabia in July which could potentially inject “billions” into the nation’s economy.

Board of Trade of Thailand Chairman Sanan Angubolkul yesterday revealed delegations from both the private and public sector of Saudi Arabia are scheduled to visit the kingdom from July 4-7 to discuss trade and investment between the two countries.

“This is a good opportunity to build mutual confidence in trade and investment. Thailand has the potential to become a hub in ASEAN for Saudi Arabian trade and investment. The Board of Trade is confident that Thailand is well prepared to serve as ASEAN’s hub after recent roadshows.”

In January, Thailand and Saudi Arabia agreed to renew diplomatic relations after three decades when Thai PM Prayut Chan-o-cha paid an official visit to the Arabic nation and met with Crown Prince Mohammad bin Salman Al Saud.

Sanan followed that trip in mid-May by leading a business delegation to Saudi Arabia for the first time in 32 years in order to restore trade and investment.

Sanan revealed that trade between both countries is estimated to reach tens of billions of baht this year.

He was speaking after attending a meeting of representatives from 38 companies who participated in the recent trip to Saudi Arabia. The meeting discussed the progress in negotiations with their Saudi counterparts, as well as business matching.

Sanan added the Saudis were keen to learn from Thai expertise in tourism and wellness, and that Thai labour is in demand in Saudi Arabia. The Saudis are seeking hospital executives, doctors, nurses, construction workers, and automotive staff.

Source Nation