High expectations as trade abordnung departs
Commerce Minister Jurin Laksanawisit has left designed for Saudi Arabia on a business matching objective, riding high on the hopes of breaking into the market and closing trade deals really worth billions of baht.
Mr Jurin, also deputy leading minister, yesterday led a trade abordnung to Saudi Persia. They will be there until Sept 3.
The team comprises state officials and 138 businesspeople involved in food, auto parts, air-conditioner, furniture and construction materials, who are looking to launch trade deals in the kingdom, said Phusit Ratanakul Sereroengrit, Division of International Industry Promotion (DITP) director-general.
Furthermore joining the abordnung are members of the Thai Chamber associated with Commerce, the Federation of Thai Industries and Thai Nationwide Shippers’ Council.
The delegation will pay a visit in order to Dr Majid rubbish bin Abdullah Al-kassabi, Saudi Arabia’s minister of commerce and performing minister of mass media.
The team’s ultimate mission is to harness newly-opened trade opportunities introduced by the normalisation earlier this year of Thai-Saudi relations.
Jurin: ‘Billions’ up for grabs
Prime Ressortchef (umgangssprachlich) Prayut Chan-o-cha made an official visit to Saudi Arabia in The month of january, which resulted in the full restoration of diplomatic relations after a 30-year hiatus. Saudi Persia downgraded diplomatic ties with Thailand following the murder of Saudi diplomats and the disappearance of a Saudi business person in Bangkok pursuing the theft of Saudi state gems within 1989.
A new chapter in diplomacy has paved the way for trade and opportunities which are lifting economic exchanges between the 2 kingdoms to brand new levels. The DITP said Mr Jurin is also scheduled to meet the Saudi As well as Drug Authority (SFDA) and the Saudi Chamber of Commerce and Industry.
The Thai delegates are expected to tighten cooperation between different branches of businesses and investments in the two countries. ”The forging of a solid partnership will pave the way for little and medium-size businesses (SMEs) to establish connections with business workers in Saudi Arabia and the wider Center Eastern region.
”The DITP is organising a trade promotion plus business matching event to help SMEs and investors, languishing from the slowdown in exports caused by two years of the pandemic and the Russia-Ukraine conflict, tap into new markets, ” Mister Phusit said.
The new markets will do much to relieve a glut associated with farm produce plus ease the depressed crop prices, including exports of essential commodities such as manufactured food will speed up.
At the same time, Mr Jurin stated that as head from the country’s “sales” team, he has set off around the trip with crucial missions in mind. ”I will showcase nearly 200 goods through Thailand and function to attract product sales worth billions of baht out of them, ” Mr Jurin mentioned. Arrangements will be made for Thai businesses to fulfill major Saudi fertiliser exporters and discuss a special deal to buy fertilisers to be provided to farmers and stop a shortage in upcoming crop seasons.
Mister Jurin added he can seek the SFDA’s assistance to speed up giving halal certification to 25 food factories in Thailand. The particular certification is needed to export food to Saudi Arabia. At present, 11 food factories have received the label. Halal governs a set of standards that determines whether a product meets Islamic dietary restrictions.
Mr Jurin said he had been confident his trade mission to Saudi Arabia will be an achievement. Saudi Arabia is usually Thailand’s 29th largest export market. Within the first six months of the year, trade between Thailand and Saudi Arabia amounted in order to 152. 6 billion dollars baht, up 52% from the same time period last year.
In July, the Thai-Saudi business coordinating event was held by the DITP in Bangkok, in which more than two hundred Saudi companies from a variety of sectors got part. Thailand’s leading exports to Saudi Arabia are vehicles and auto parts and accessories, wooden and wood items, air-conditioners and parts, rubber products, plus processed seafood.