Commerce Minister Jurin Laksanawisit has left for Saudi Arabia on a business matching mission, riding high on the hopes of breaking into the market and sealing trade deals worth billions of baht.
Mr Jurin, also deputy prime minister, on Sunday led a trade delegation to Saudi Arabia. They will be there until Sept 3.
The team comprises state officials and 138 businesspeople involved in food, auto parts, air-conditioner, furniture and construction materials, who are looking to launch trade deals in the kingdom, said Phusit Ratanakul Sereroengrit, Department of International Trade Promotion (DITP) director-general.
Also joining the delegation are members of the Thai Chamber of Commerce, the Federation of Thai Industries and Thai National Shippers' Council.
The delegation will pay a visit to Dr Majid bin Abdullah Al-kassabi, Saudi Arabia's minister of commerce and acting minister of media.
The team's ultimate mission is to harness newly-opened trade opportunities presented by the normalisation early this year of Thai-Saudi relations.
Jurin: 'Billions' up for grabs
Prime Minister Prayut Chan-o-cha made an official visit to Saudi Arabia in January, which resulted in the full restoration of diplomatic relations after a 30-year hiatus. Saudi Arabia downgraded diplomatic ties with Thailand after the murder of Saudi diplomats and the disappearance of a Saudi businessman in Bangkok following the theft of Saudi state gems in 1989.
A new chapter in diplomacy has paved the way for trade and investments which are lifting economic exchanges between the two kingdoms to new levels. The DITP said Mr Jurin is also scheduled to meet the Saudi Food and Drug Authority (SFDA) and the Saudi Chamber of Commerce and Industry.
The Thai delegates are expected to tighten cooperation between various branches of businesses and investments in the two countries. ''The forging of a strong partnership will pave the way for small and medium-size enterprises (SMEs) to establish alliance with business operators in Saudi Arabia and the wider Middle Eastern region.
''The DITP is organising a trade promotion and business matching event to help SMEs and investors, languishing from a slowdown in exports caused by two years of the pandemic and the Russia-Ukraine conflict, tap into new markets," Mr Phusit said.
The new markets will do much to relieve a glut of farm produce and ease the depressed crop prices, adding exports of essential commodities such as packaged food will accelerate.
Meanwhile, Mr Jurin said that as head of the country's "sales" team, he has set off on the trip with crucial missions in mind. ''I will showcase almost 200 goods from Thailand and work to attract sales worth billions of baht out of them," Mr Jurin said. Arrangements will be made for Thai businesses to meet major Saudi fertiliser exporters and negotiate a special deal to buy fertilisers to be supplied to farmers and prevent a shortage in upcoming crop seasons.
Mr Jurin added he will seek the SFDA's assistance to speed up issuing halal certification to 25 food factories in Thailand. The certification is needed to export food to Saudi Arabia. At present, 11 food factories have received the label. Halal governs a set of standards that determines whether or not a product meets Islamic dietary restrictions.
Mr Jurin said he was confident his trade mission to Saudi Arabia will be a success. Saudi Arabia is Thailand's 29th largest export market. In the first six months of this year, trade between Thailand and Saudi Arabia amounted to 152.6 billion baht, up 52% from the same period last year.
In July, a Thai-Saudi business matching event was held by the DITP in Bangkok, in which more than 200 Saudi companies from a variety of sectors took part. Thailand's leading exports to Saudi Arabia are vehicles and auto parts and accessories, wood and wood products, air-conditioners and parts, rubber products, and processed seafood.