Saudi Arabia and Thailand Forge Stronger Energy Partnerships
In a high-level ministerial meeting, Saudi Arabia and Thailand are paving the way for increased cooperation in various energy sectors. The meeting, graced by the Kingdom’s Minister of Energy Prince Abdulaziz bin Salman and Thailand’s Deputy Prime Minister and Energy Minister Pirapan Salirathavibhaga, highlighted key areas of collaboration.
Exploring Energy Fields
Discussions revolved around oil and gas, renewable energy, hydrogen, carbon extraction, use and storage, and energy efficiency. This strategic partnership aims to boost economic ties between the two nations, building on the success of recent years.
Growing Trade Relations
Trade between Saudi Arabia and Thailand surged to $8.8 billion in 2023, showcasing a significant increase from $7.5 billion in 2022. This accounts for nearly 22 percent of Thailand’s total trade with the Middle East, highlighting a flourishing economic partnership.
Leading Energy Transformation
Saudi Arabia’s efforts in energy transformation through initiatives like the “Saudi Green Initiative” and the “Middle East Green Initiative” were also discussed. The Kingdom is taking strides to lead the way in sustainable energy practices.
Enhancing Private Sector Cooperation
Saudi Arabia is set to enhance private sector cooperation with Thailand as the Southeast Asian nation opens its first board of investment office in Riyadh. This move signifies a new chapter in bilateral relations, fostering stronger bonds and creating new investment opportunities.
Common Goals and Complementarity
The two countries share common goals, with Thailand’s National Strategy 2037 aligning with Saudi Arabia’s Vision 2030. This synergy creates opportunities for collaboration in various energy sectors, driving innovation and progress.