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  • 11-06-23

    Thai Firms Express Readiness to Invest USD36m in Saudi Arabia as Bilateral Relations Flourish

    (MENAFN) During the Saudi-Thai Business Forum held in Riyadh, Sanan Angubolkul, Chairman of the Thai Chamber of Commerce, unveiled that Thai companies are prepared to invest a combined total of USD36 million in Saudi Arabia. The announcement comes as the economic and diplomatic ties between the two nations continue to strengthen.

    Angubolkul highlighted the significant developments that occurred in 2022, characterizing it as a "fantastic" year for both Saudi Arabia and Thailand. The resumption of diplomatic and economic relations paved the way for several commercial agreements valued at over USD300 million. With the positive momentum, eight Thai companies are now actively seeking investment opportunities in Saudi Arabia.

    Expressing his country's commitment to collaboration, Angubolkul emphasized Thailand's readiness to cooperate with Saudi Arabia, particularly in the energy and crude-oil storage industry. This demonstrates the mutual interest in exploring avenues for strategic partnerships and expanding business ventures between the two nations.

    The Saudi-Thai Business Forum, organized by the Federation of Saudi Chambers, served as a platform for further discussions on cooperation prospects. The forum coincided with the official visit of Thailand's Deputy Prime Minister and Minister of Foreign Affairs, Don Pramudwinai, who engaged in constructive dialogue regarding the potential areas of collaboration between the Kingdom and Thailand.

    During the visit, Minister Don Pramudwinai held discussions with Hassan bin Mujib Al-Huwaizi, President of the Federation of Saudi Chambers, to explore ways of expanding cooperation between the two countries. The aim was to identify areas of mutual interest and develop strategies to strengthen and diversify bilateral relations.

    The willingness of Thai companies to invest in Saudi Arabia reflects the growing confidence and trust in the Kingdom's business environment. This exchange of investments not only bolsters economic ties but also opens up avenues for knowledge transfer, technology sharing, and the exchange of expertise. It further contributes to the long-term vision of both nations to foster economic growth, cooperation, and prosperity for their respective business communities.

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