Thailand has set its sights on growing exports to Saudi Arabia by 5% next year, with potential products including food, construction, petrochemicals, automobiles and seedlings.
Speaking after presiding over a joint meeting between the Commerce Ministry and the Federation of Thai Industries (FTI), Commerce Minister Jurin Laksanawisit said on Monday the ministry has been accelerating exports to Saudi Arabia following the first visit of the Commerce Ministry and Thai business groups to Saudi Arabia in August.
The two countries agreed in January to fully restore diplomatic relations during Prime Minister Prayut Chan-o-cha's official visit to Saudi Arabia, marking an end to three decades of strained relations and the beginning of cooperation for mutual benefit.
Saudi Arabia downgraded diplomatic ties with Thailand and adopted a number of measures following the murder of Saudi diplomats and the disappearance of a Saudi businessman in Bangkok following the theft of gems belonging to the state of Saudi Arabia in 1989.
These included replacing the head of its diplomatic mission with a charge d'affaires, prohibiting Saudi nationals from travelling to Thailand, and stopping Thai workers from being employed in Saudi Arabia.
According to Mr Jurin, the joint meeting agreed to organise export clinics for Thai exporters who want to export to the Saudi market, while the FTI and Commerce Ministry agreed to provide advice, information about regulations and non-tariff measures, data on goods, services and transportation systems to exporters.
The meeting also agreed to help promote and stimulate exports, especially in food, construction, petrochemicals and automobiles and will organise promotional activities for Thai products in Saudi Arabia.
Initially, the Commerce Ministry pledged to bring Thai exporters to join five important trade fairs in Saudi Arabia and cooperate with the FTI and the Saudi Investment Ministry to organise a webinar to promote trade and investment in key areas such as petrochemicals, construction, steel, aluminium, food, agriculture, and automobiles and auto parts.
"Next year, we aim for exports to Saudi Arabia to grow by 5% to 65 billion baht," he said.
This year, exports to Saudi Arabia are estimated to reach 61.8 billion baht, a rise of 20% from the year before.
According to Mr Jurin, Saudi Arabia is considered a promising new market for Thailand.