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Thai companies clinched 352 business deals worth an estimated 11.6 billion baht with Saudi counterparts at a Bangkok business-matching event, the Commerce Ministry said on Monday.

The July 6 event generated instant trade of 130 million baht, with another 11.5 billion baht expected during the rest of this year, according to Department of International Trade Promotion (DITP) director-general Phusit Ratanakul Sereeroengrit.

Hosted by the DITP and Board of Trade, the event drew representatives from 70 Saudi companies under the Riyadh Chamber of Commerce, most of whom are in the food-and-beverage, construction, healthcare, retail, transport, gem and jewellery industries. “Saudi businesspeople expressed strong interest in ordering more products from Thailand, saying that Thai products are of high quality, meet international standards, and suit the needs of Saudi consumers,” said Phusit.

He added that the Commerce Ministry is expanding the Saudi market for Thai products including rice, halal foods, and fruit by launching promotions in Saudi supermarket chains Manuel and LULU. These events will be held alongside social media campaigns to boost Saudi consumers’ awareness of Thai products, especially food, cosmetics, and industrial products.

The DIPT will also invite Saudi importers and businesses to international trade fairs in Thailand throughout the rest of the year, including the TILOG VE/TILOG-LOGISTIX fair on August 24-26, the Bangkok RHVAC 2022 fair on September 7-10, and Bangkok Gems & Jewelry Fair on September 7-11.

Saudi Arabia is Thailand’s 17th largest trade partner and ranks second among Middle Eastern nations. In the first five months of 2022, two-way trade between Thailand and Saudi Arabia totalled 122.23 billion baht, up 45.56 per cent from the same period last year. Thai exports contributed 25.69 billion baht, up 23.3 per cent, while imports were at 96.53 billion, up 54.31 per cent from the same period last year.

Key Thai exports included automobiles and auto parts, wood and wooden products, rubber products, canned and processed seafood, and machinery and parts. Saudi exports to Thailand comprised crude oil, chemicals, fertiliser, pesticide, finished oil and scrap metal.

The burst of trade comes after the two countries normalised ties in January following three decades of soured relations.

Published : July 11, 2022

By : THE NATION