BANGKOK (The Nation/Asia News Network): The Ministry of Commerce has drawn up an action plan to flood the Saudi market with Thai products, especially now that bilateral relations have been restored.
At a press conference on Monday (October 10th), Trade Minister Jurin Laksanawisit said his ministry would make export regulations less stringent and much simpler.
“We intend to increase the value of our bilateral trade to 10 billion baht within a year,” he said.
Jurin, who is also Deputy Prime Minister, was speaking after attending a meeting with the Federation of Thai Industries (FTI), senior officials from the Ministry of Commerce and the Ministry of Foreign Affairs and the Development Department of breeding.
The minister, who led a contingent of business leaders to explore the Saudi market in late August, said the trade ministry will set up an “export clinic” to provide consultancy services to Thai companies wishing to exploit the Saudi market.
Jurin said that apart from halal food, there is a strong demand for trees and plants in the Middle East, which may prove to be another lucrative market for Thai farmers.
The ministry is planning promotional tours for Thai products in Saudi Arabia, particularly in the food, petrochemical, construction and automotive sectors, and will also work on showcasing Thai companies at events. business in the Middle East.
The Ministry of Commerce is partnering with FTI and the Saudi Ministry of Investment to organize a webinar aimed at promoting trade and investment in key sectors such as petrochemicals, construction, steel, aluminum, food, agriculture, automotive and auto parts, for the purpose of exchanging information. and encourage exports.
Regarding free trade agreements between Thailand and Gulf countries like Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, Jurin said that all parties are committed to speed up the process to get results as soon as possible.
FTI Chairman Kriengkrai Thiennukul meanwhile praised the government for helping the private sector enter the Saudi market, adding that it will be easier for Thai companies to enter the Middle East market. , especially if they are armed with an FTI certificate.
He said he expects the FTI to work closely with the Ministry of Commerce and other government agencies to identify new opportunities and solutions for the long-term sustainability of the economy.
Saudi Arabia has shown good growth potential for Thai exports.
Between January and August 2022, Thai exports to Saudi Arabia increased by 15.9% year-on-year to reach 43.11 billion baht.
Exports included machinery and machinery parts, animal feed, canned and processed seafood, wood and wood products, rubber products and automobiles, hardware and parts.