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Thailand, Saudi Arabia Aim To Boost Trade, Targeting $3.5Bn

Thailand and Saudi Arabia have committed to enhancing trade cooperation, targeting over US$3.5 billion (121 billion baht) from the green economy, agriculture, and service industries.

During the inaugural Saudi–Thai Coordination Council (STCC) meeting on Thursday, Thailand’s Minister of Foreign Affairs, Maris Sangiampongsa, who co-chaired with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, highlighted the event’s importance.

Maris detailed that the STCC was established to facilitate bilateral engagement across various areas including political and consular affairs, security and military, economic and trade activities, investments, and cultural and tourism exchanges.

He noted that this meeting resulted from discussions held between former Thai Prime Minister Srettha Thavisin and Saudi Prime Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud at the 2023 ASEAN–Gulf Cooperation Council (GCC) Summit.

This event marks a continuation of efforts to strengthen bilateral relations following the restoration of diplomatic ties in 2022.

The council addressed over 70 cooperative projects across more than 70 sectors, organized under five committees.

This partnership is expected to boost trade and investment between the countries, aiming for a trade value of $3.5 billion across service industries, the green economy, and agriculture.

The Central Islamic Committee of Thailand has also approved Halal certification for chicken exports to Saudi Arabia, a significant market with an annual value exceeding 40 million baht.

Mr. Maris announced plans to jointly establish special economic zones in both countries to enhance trade and commercial activities.

He reaffirmed Thailand’s commitment to close collaboration for tangible progress and results, which will further strengthen bilateral ties.

“This meeting has reinforced the diplomatic relationship between Thailand and Saudi Arabia and paved the way for future collaboration,” Mr. Maris stated.