Thai-Saudi business prospects

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Diplomatic relations between Saudi Arabia and Thailand were re-established in 2022, ending several decades of rift between the two countries. This led to growing economic cooperation. Thai entrepreneurs had been eager to do business with Saudi Arabia for a long time and the opportunity that the normalisation of relations provided led to some entrepreneurs becoming feverish when thinking about the Saudi market.

 

Thailand is rapidly developing in the deep tech sector, providing new AI solutions and being a leading country in cryptocurrencies. There is high demand for expertise in emerging technologies in Saudi Arabia, because of the Crown Prince’s vision for the country’s future, expertise that Thai start-ups and SMEs are willing to provide.

 

Mohammed bin Salman has been looking to diversify the Saudi economy, away from oil dependency, and to revitalize the country with ambitious projects. This plan towards a more sustainable economy is known as “Vision 2030”. If it goes through, a future could be envisioned where rose oil would be as much of a valuable export for Saudi Arabia as petroleum products are today.

 

Full Story: https://www.thaipbsworld.com/thai-saudi-business-prospects/

 

-- © Copyright Thai PBS 2023-07-27

 

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