The Saudi-Thai Business Forum kicked off here Thursday with more than 50 business leaders from the Kingdom of Saudi Arabia and Thailand.
The forum, organized by the Federation of Saudi Chambers (FSC), came during the official visit of the Deputy Prime Minister and Minister of Foreign Affairs of the Kingdom of Thailand, Don Pramudwinai, to discuss prospects of cooperation between the two friendly countries.
Pramudwinai discussed with FSC President Hassan bin Mujib Al-Huwaizi areas of cooperation between the Kingdom and Thailand and ways to expand them.
Delivering a speech at the forum, Al-Huwaizi explained that Saudi-Thai relations had witnessed considerable developments, including the state visits of the two countries leaders, the establishment of the Saudi-Thai Coordination Council and the Joint Business Council, and the call to expand the economic partnership between the two countries.
For his part, Sanan Angubolkul, the Chairman of the Thai Chamber of Commerce, said that 2022 was a “fantastic” year for the Kingdom and Thailand, as it saw the resumption of diplomatic and economic relations and the expectation of several commercial agreements valued at more than $300 million.
He also said that eight Thai companies seek to establish $36 million worth of investments in Saudi Arabia, expressing his country’s readiness to cooperate with the Kingdom in the energy and crude-oil storage industry.
The Saudi-Thai Business Council Chairman, Dr. Sami bin Abdullah Al-Obaidi, said that the Saudi business community is looking forward to establishing investment partnerships with Thailand, especially in light of the promising opportunities available in the two countries.
The forum discussed the two countries' investment opportunities and business environment and formulated a plan to enhance Saudi-Thai economic cooperation.
The volume of trade exchange between Saudi Arabia and Thailand grew by 37 percent in 2022 to reach SR 36.8 billion.