Elements and Saudi Arabia are forging strong financial ties, with a number of collaboration offers in progress. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, lately visited Saudi Arabia with a Thai delegation led by Foreign Minister Don Pramudwinai. During the visit, it was introduced that PTT Oil and Retail Business Plc (OR) plans to establish petrol stations in Saudi Arabia, addressing the lack of comfort in present petrol stations in the nation.
OR can be exploring the potential for a joint funding in a large-scale green hydrogen venture in Thailand, with the ambition of becoming a central supply hub for various industries in the region. In addition, Siam Cement Group aims to open an workplace in Saudi Arabia by September, with a eager interest in investing within the country’s building ecosystem to expand its supply chain.
Charoen Pokphand Foods, a leading Thai agro-industrial and meals conglomerate, is trying to develop aquaculture and poultry companies in Saudi Arabia and is in negotiations with Saudi-based Neom Food Company for joint investments. Health and Wellness Management Consulting Co has partnered with Saudi Arabia’s Quality of Life Tourism Co to spend cash on health and wellness centres in both countries, with a combined funding value of as much as 17.5 billion baht.
Sanan revealed that the Saudis are willing to let Thai entrepreneurs use their enterprise incubation centres. If startups from both international locations collaborate and change work, and there is subsequent funding collaboration between entrepreneurs on either side, the Saudi incubation centre is prepared to offer extra support in the form of venture capital.
Bilateral trade between Thailand and Saudi Arabia reached a value of US$3.sixteen billion in the course of the first 4 months of this year, an increase of 17.5%. Thai exports amounted to $799 million, up 33% and accounting for zero.87% of world trade value, while imports into Thailand rose by thirteen.1% to $2.36 billion..