Thailand, Saudi Arabia to form joint business council

BANGKOK (NNT) -- The Thai Ministry of Commerceis establishing a joint business council with Saudi Arabia to promote trade and investment relations, emphasizing penetration of the Halal food market.

Deputy Minister of Commerce Alongkorn Ponlabut said that during his recent visit to Saudi Arabia, he had a chance to meet Saudi Arabian officials to discuss economic collaboration at both private and public levels. Thailand is seeking to initiate cooperation within the Halal food industry.

Mr Alongkorn stated that his latest visit, which was the first ministerial visit to the Middle Eastern nation in 20 years, underlined tightened relations. Saudi officials have accepted Thailand's invitation to join an upcoming economic conference next month.

The deputy commerce minister also met with the largest rice importers of Saudi Arabia to ink agreements on the purchase of Thai rice. Local entrepreneurs have also voiced readiness to engage in joint ventures in construction projects, health and spa business, and organic food.

An ad-hoc working group appointed by the ministry will finalize the establishment of the business council within one month and will soon invite Thai business operators to confer about the joint venture activities. The “Thailand-Saudi Arabia Investment and Consulting Holding Company” is expected to generate 300 billion THB worth of investment per year.

-- NNT 2010-08-06

They will not emphasize penetrating the precious stone market I predict.