In 2022, diplomatic ties between Saudi Arabia and Thailand were restored, putting an end to a decades-long conflict between the two nations. As a result, economic cooperation increased. For a long time, Thai businesspeople had been eager to do business with Saudi Arabia, and the chance that the normalization of relations presented caused some businesspeople to become hysterical when considering the Saudi market.
Thailand is developing quickly in the deep tech field, offering fresh AI solutions and holding a leadership position in the cryptocurrency world. Due to the Crown Prince’s vision for the future of the nation, Saudi Arabia has a strong demand for knowledge in developing technologies, which Thai start-ups and SMEs are willing to supply.
Mohammed bin Salman has been working on big programs to revivify Saudi Arabia and diversify its economy away from its reliance on oil. “Vision 2030” is the name of this strategy to create a more sustainable economy. If it is approved, Saudi Arabia may export rose oil in the future, which would be just as lucrative as petroleum products are now.
Saudi Arabia has been working with only the greatest businesses from around the world to support that ambition. For instance, Japanese filmmaker Kbun Shizuno, who also worked on the Detective Conan television series, created “The Journey” in collaboration with Toei Animation, an animated movie about Meccan history.
Thai businesses frequently struggle to secure enough funding for their operations when they are located far from the capital. Their zeal to discover the best talent and the simplicity with which they assist foreign businesses that meet their standards are the main factors driving them to forge tighter business relationships with the Saudis. Thai start-ups are being given funding and are being given accelerated platforms by Saudi Arabia.
“We appreciate their commercial acumen because we are aware that where there is money, there is treasure. According to Thai-Saudi relations specialist Alhuda Chanitpattana, “All the ideas we have, we would love to use the money to expand them and to create a business.”
This year, in August and December, respectively, Riyadh will host the Thai Trade Exhibition and the Mega Fair and Festival. Each is anticipated to draw 12,000 people. Saudi Arabia provides each Thai company with roughly 200,000 baht, or around US$5,700, which is a sizeable sum of money for SMEs in Thailand, in order to encourage their desire to exhibit their goods on Saudi territory. The first show in August will feature more than 80 Thai SMEs.
There are still just a few Thai businesses there, but I have seen them because I met many Thai engineers traveling to Saudi Arabia to work on the NEOM project on one flight.
Thai high-tech firms will need some time to establish themselves in the Saudi market, and it is yet unclear if they will be successful there. Other industries have already established themselves, and they are moving forward to capitalize on the improved ties and create fruitful business relationships. This includes tourism, where Muslim hotels are starting to operate and the halal certification is gaining traction in Thailand, Thai food, where numerous Thai restaurants are emerging in Riyadh and other major cities, and health, where cosmetics, spas, Thai massage, and medical tourism are all on the rise.
“In Riyadh, the capital of Saudi Arabia, you will see commercials for Phuket, Pattaya, and, you know, every tourist destination there, on the screen there if you are stalled on the road. As a result, Saudis will now inform you if they spot Thai individuals. Oh my god, I’d kill to visit Thailand. Thai people are eager to welcome all Saudi tourists to their nation. As a result, in my opinion, the connection has great potential, adds Alhuda.
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SOURCE: https://www.thaipbsworld.com
