United Arab Emirates and Thailand Aim to Elevate their Trade and Investment Relations to a New Level of Partnership and Shared Growth
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, concluded an official visit to the Kingdom of Thailand, during which the two friendly nations agreed to advance their trade and investment relations to a new level of partnership and shared growth. This initiative places emphasis on numerous areas of common interest, including commerce, logistics, energy, travel, tourism, and more.
His Excellency Thani Al-Zeyoudi held a meeting with His Excellency Bumtam Wichayachai, Deputy Prime Minister and Minister of Commerce of Thailand.
During their meeting in the capital city of Bangkok, both parties discussed strategies to accelerate trade and investment flows. They also reviewed the progress in negotiations toward achieving a comprehensive economic partnership agreement between the two countries, as it entered its fourth cycle.
His Excellency Al Zeyoudi, accompanied by His Excellency Obaid Saeed Al Dhaheri, the United Arab Emirates Ambassador to Thailand, and His Excellency Juma Muhammad Al Kait, Deputy Undersecretary for International Trade at the Ministry of Economy, also met with His Excellency Sanan Angupulkul, President of the Thai Chamber of Commerce, where they explored trade and investment opportunities available to the business communities in both countries. Opportunities for joint projects and enhanced cooperation between small and medium-sized enterprises were also discussed.
Dr. Thani Al Zeyoudi expressed that there is mutual desire between the United Arab Emirates and Thailand to advance bilateral relations to the next level of shared economic growth by creating more opportunities for business communities on both sides.
He added, "Thailand is an increasingly important trade and investment partner for the United Arab Emirates. It is also one of the fastest-growing economies in the Southeast Asia region and rapidly solidifying its position as one of the most promising business hubs in the region."
His Excellency emphasized that both nations are continuing their constructive cooperation to enhance intra-trade flows, establish a platform for new projects and investor partnerships, and create more diverse opportunities for small and medium-sized enterprises.
It is worth noting that the United Arab Emirates and Thailand maintain flourishing trade relations, with non-oil bilateral trade continuing its upward trajectory in the first half of 2023, reaching USD 3.2 billion, reflecting a 3.7% increase compared to the same period in 2022.
Thailand is the second-largest trading partner of the United Arab Emirates within the Association of Southeast Asian Nations, known as "ASEAN," accounting for 20% of the United Arab Emirates' total non-oil foreign trade with ASEAN countries. Meanwhile, the United Arab Emirates is Thailand's top trading partner in the Middle East region and ranks thirteenth globally.