(CTN News) – Thailand and Saudi Arabia reiterated their commitment to strengthening bilateral economic relations and investigating opportunities to increase collaboration in critical industries, including the export of 10 million trees to the Arab Kingdom for transplanting.
Thai Trade Representative Nalinee Taveesin was speaking after meeting with Osama Kokandy, co-founder of Vision Ambassadors, a Saudi consultancy organization that specializes in international trade and investment management, financial support, and technical assistance to investors.
Economic Opportunities for Thailand under Saudi Vision 2030
Vision Ambassadors has inked a Memorandum of Understanding (MOU) with Sustainable Development Co Ltd to transport trees from Thailand to Saudi Arabia and other Middle Eastern countries. The goal is to export 10 million trees for transplantation in support of Saudi Arabia’s Green Initiative, which intends to plant 10 billion trees.
There are more than 200 plant species in Thailand that can be grown in Saudi Arabia and the Middle East. Nalinee believes that the tree export effort will provide long-term income for Thailand and tree-growing farmers.
The trade official further stated that during the conversations, officials from Vision Ambassadors indicated that Saudi Arabia was fast developing as a result of the Saudi Vision 2030 agenda. This is an important policy that seeks to enhance both the public and private sectors in Saudi Arabia.
The goal is to propel the economy into a new era with a broad economic structure powered by creative industries while minimizing reliance on the oil industry.
She stated that this legislation provides a tremendous potential for Thailand’s private sector to engage economically with Saudi Arabia, particularly in healthcare, renewable energy, construction materials, tourism-related activities, and processed and halal foods.
In 2023, Saudi Arabia was Thailand’s 17th largest trading partner worldwide and second largest in the Middle East. Bilateral trade between the two countries was worth more than $8.796 billion, with plenty of room for growth, according to Nalinee.