BANGKOK (The Nation/Asia News Network): The Commerce Ministry has come up with an action plan to flood the Saudi Arabian market with Thai goods, especially now that bilateral ties have been restored.
At a press conference on Monday (Oct 10), Commerce Minister Jurin Laksanawisit said his ministry will make export regulations less stringent and far simpler.
"We intend to increase our bilateral trade value to 10 billion baht within a year," he said.
Jurin, who also doubles as deputy PM, was speaking after attending a meeting with the Federation of Thai Industries (FTI), senior officials from the Commerce Ministry and Foreign Ministry and the Livestock Development Department.
The minister, who led a contingent of business leaders to explore the Saudi Arabian market in late August, said the Commerce Ministry will provide establish an “export clinic” to provide consulting services to Thai businesses that are interested in tapping the Saudi Arabian market.
Jurin said that apart from halal food, there is a high demand for trees and plants in the Middle East, which can prove to be another lucrative market for Thai farmers.
The ministry is planning roadshows to promote Thai products in Saudi Arabia, particularly in the food, petrochemical, construction, and automobile industries, and will also work on showcasing Thai businesses at trade events in the Mideast.
The Commerce Ministry is teaming up with FTI and Saudi Arabia’s Investment Ministry to host a webinar to promote trade and investment in key sectors like petrochemicals, construction, steel, aluminium, food, agriculture, automobiles, and auto parts, with the goal of exchanging information and encouraging exports.
As for the free-trade agreements between Thailand and Gulf countries like Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, Jurin said all parties have pledged to expedite the process to achieve results as soon as possible.
FTI chairman Kriengkrai Thiennukul, meanwhile, lauded the government for helping the private sector enter the Saudi market, adding that it will be easier for Thai businesses 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 Commerce Ministry and other government agencies to identify new opportunities and solutions for the economy’s long-term viability.
Saudi Arabia has shown good growth potential for Thai exports.
Between January and August 2022, Thai exports to Saudi Arabia rose 15.9 per cent year on year to 43.11 billion baht.
Exports included machinery and machinery parts, animal feed, canned and processed seafood, timber and wood products, rubber products and automobiles, equipment and parts.
