During a bilateral meeting with Bandar Ibrahim Alkhorayef, Saudi Arabia's Minister of Industry and Mineral Resources, at the Four Seasons Hotel Riyadh at Kingdom Centre, Ekanat emphasized strengthening collaboration to enhance the capabilities of entrepreneurs and promote joint trade and investment. Key industries highlighted included halal food, electric vehicles, semiconductors, smart electronics, minerals, and clean energy.
He noted that since the restoration of diplomatic ties in 2022, both nations have shown significant potential for mutual growth. Thailand currently exports automobiles and processed seafood to Saudi Arabia, valued at approximately $1 billion and $120 million annually, respectively. Automobile exports grew by over 40% in 2022, and there remains room for further market expansion. Meanwhile, processed seafood exports hold a 21% market share, with a growth rate of approximately 27%.
The Ministry of Industry is drafting a cooperation agreement with Saudi Arabia to facilitate market access, encourage joint investments, and promote knowledge exchange in regulations and technology transfer. The agreement also aims to address technical trade barriers, enhancing the competitiveness of Thai entrepreneurs and enabling them to expand their presence in the Middle Eastern markets.
On the same day, Ekanat held bilateral talks with Khalid Abdulaziz Al-Falih, Saudi Arabia's Minister of Investment, at the Ministry of Investment for Saudi Arabia (MISA). The discussions focused on enhancing trade and investment between the two nations and exchanging updates on initiatives to promote investment from Thai and Saudi investors, particularly in the food, agriculture, fertilizer, and chemical industries.
The minister emphasized the growth potential of Thailand's electric vehicle (EV) industry, which aims to meet domestic demand and export to the ASEAN region, a significant market. This development will drive increased demand for minerals and mineral-based technology products. Saudi Arabia expressed its willingness to support trade with Thailand to facilitate this growth.
“Expanding trade and investment between Thailand and Saudi Arabia presents an opportunity for both countries to leverage their industrial strengths to achieve their economic development goals. This collaboration in trade and investment will enable both sides to achieve economic and social stability more swiftly and effectively. Furthermore, it lays the foundation for creating opportunities and fostering sustainable economic growth for both nations in the future,” concluded Ekanat.