Deputy Commerce Minister Alongkorn Ponlaboot will pay an unofficial visit to Saudi Arabia from March 1-4, to seek opportunities to promote bilateral trade and woo Saudi investment.
"The mission is aimed at boosting trade and economic growth between both sides after being affected by the two countries' relationship for almost 20 years. Saudi Arabia is a potential market for Thai exports. Closer cooperation between high-level officials and businessmen should improve trade and investment," Alongkorn said.
It will be the first unofficial visit to Riyadh by a Thai economic team.
Despite the diplomatic rift stemming from the jewellery-theft case and unsolved murders of Saudi businessmen, Thailand wants to strengthen trade and investment ties with the oil-rich country.
During his mission to Riyadh, Alongkorn plans to have an unofficial meeting with the Saudi trade minister, representatives from the Saudi Arabian Chamber of Commerce and leading businessmen from various sectors, such as rice importers, food, industries and electronics.
Alongkorn said he would also encourage Saudis to invest more in Thailand, particularly in the halal industrial estates in the deep South, as the country could be a major supplier catering to Saudi food security.
Also, there are high expectations that Saudi investors may be interested in joint investments with Thai businesses in the Middle East.
Alongkorn said Thailand had high technology and know-how in the manufacture of halal food, while Saudi investors have the capital for investment. Private enterprises from both countries could also undertake joint ventures elsewhere in the Middle East.
Better business relations would give Thai labourers better opportunities to be employed in that country. Some industries, like construction, in which Thai companies have high competence, could invest in Saudi Arabia in the future.
Bilateral trade between the two countries was worth only US$5.7 billion (Bt189 billion) last year, Customs Department statistics show. Exports from Thailand to Saudi Arabia dropped 6.33 per cent from 2008, to $1.81 billion, while imports plunged 45.09 per cent to $3.9 billion.
Major Thai exports are cars, auto parts and accessories, rice, iron and steel, refined fuel, machinery and parts, preserved fish, refrigerators, rubber products, air-conditioners and washing machines. Imports from Saudi Arabia consist primarily of crude oil, fertiliser and pesticides, chemicals, finished oils, natural gas and fabrics.
