Index Creative Village Plc, an events organiser and marketing service company, is reinvigorating efforts to expand its international presence, aimed at bolstering revenue and mitigating business risks in the coming year.
Kreingkrai Kanjanapokin, the company's founder and chief executive, said Index Creative will concentrate more on expanding overseas operations this year, with the primary focus on Asian markets.
As part of the move, the company teamed up with the Thai Chamber of Commerce to launch "Thailand Mega Fair 2023 -- The Kingdom of Saudi Arabia" at The Arena Riyadh from Dec 13-16. The event showcases a diverse array of Thai products, spanning categories such as food, health and wellness, retail, tourism and automobiles.
Mr Kreingkrai said up to 80% of exhibition booths have already been reserved.
Companies participating in the event include Siam Piwat, the operator of Siam Paragon, Siam Center and Siam Discovery; Siam Cement Group; Thai President Foods Plc, the producer of Mama instant noodles; the Tourism Authority of Thailand; Srithai Superware; Cafe Amazon; Vejthani Hospital; hospital network Bangkok Dusit Medical Services; Hi-Q Food Products Co, the producer of Hi-Q canned fish, and Bangsue Chia Meng Rice Mill Co, the maker of Hongthong (Golden Phoenix) brand packed rice.
"Thailand's GDP growth rate lags behind that of neighbouring countries. So we believe Thai businesses can keep on growing if they expand abroad, particularly into a robust economy like Saudi Arabia, where the GDP is 4-5 times higher than that of Thailand's," Mr Kreingkrai said.
"We are all set to become a limb or tool for the country and the government sector to help Thai businesses expand their presence in international markets."
According to Mr Kreingkrai, Saudi Arabia is an appealing market to Thai businesses due to its affluent consumer base, boasting a population of 36 million with an average age of 32.
The Muslim country is projected to welcome 120 million travellers through King Salman airport this year. Moreover, the official restoration of diplomatic relations between Thailand and Saudi Arabia has created favourable conditions for bilateral trade and collaboration, he said.
"Saudi Arabia has opened its doors to the world, providing an excellent opportunity for Thai businesses to expand their reach and seek out potential partners," Mr Kreingkrai said. "After the relationship of Thailand and Saudi Arabia was officially restored last year, up to 300,000 tourists from Arab countries visited Thailand, with 100,000 from Saudi Arabia."
He added that direct daily flights from the Middle East to Phuket have already commenced, with Saudia planning to launch flights to Thailand shortly.
In addition to the Saudi mega fair, Mr Kreingkrai said his company will also launch its own projects in the remaining three months of the year. These include a beer garden near Iconsiam and the Village of Wonder, a captivating new attraction in Doi Chang, Chiang Rai, set to welcome tourists from Oct 6 to May 31, 2024.