Saudi Arabia and Thailand have agreed to sign a memorandum of understanding (MOU) to boost cooperation between their chambers of commerce and industry. Praphad Phodhivorakhun, head of the Federation of Thai Industries (FTI), has held wide-ranging talks with senior Saudi officials and businessmen during his visit to the Kingdom, Arab News reported today. Praphad thanked Saudi officials for their efforts to promote relations with Thailand. The FTI chief said the 21-member business mission led by him was the first high-level Thai delegation in 15 years to promote cooperation between institutions. Referring to the MOU to be signed by the Council of Saudi Chambers of Commerce and Industry (CSCCI) and FTI, Praphad said it would strengthen relations between the private sectors of the two countries, which is vital for promoting bilateral and regional economic cooperation. "This agreement will help provide more trade and investment opportunities to Saudi and Thai businessmen besides helping them to build contacts, exchange information and work out future plans for closer ties", said the FTI chief. "We have also invited a Saudi business delegation to visit Bangkok as early as possible", said Thai Charge d' Affaires Suvat Chirapant. He said the relations between the Kingdom and Thailand were growing progressively. The two-way trade has exceeded $2.9 billion with balance of trade in favor of the Kingdom. Thailand has also signed a bilateral agreement with the Kingdom within the framework of WTO accession. The Kingdom is also likely to become a member of the Asia Cooperation Dialogue (ACD), a forum set up on the initiative of Thailand to consolidate the political will among Asian governments. FTI, which will sign the MOU with CSCCI shortly, is an apex Thai business organization with thousands of members from across Thailand including industrial enterprises, non-industrial trade organizations and individuals.
