Thai small and medium-sized enterprises (SMEs) are identifying Cambodia and Saudi Arabia as promising territories for expanding their trade partnerships. These countries have demonstrated vigorous economic advancement and a proliferation of investment initiatives, as reported by state agencies.
In a collaborative effort, the Board of Trade of Thailand and the Office of Small and Medium Enterprises Promotion (OSMEP), in conjunction with Index Creative Village, will be participating in four international trade fairs: Cambodia Architect & Decor 2024; Cambodia Foodplus Expo 2024; and Cambodia Health & Beauty Expo 2024, scheduled from August 2-4 at the Diamond Island Convention and Exhibition Centre in Phnom Penh. Additionally, the International Mega Fair 2024 in Riyadh will unfold from November 15-17 at the Riyadh International Convention & Exhibition Centre, focusing on fostering B2B relationships through business matching sessions.
According to Mek-Kreingkrai Kanjanapokin, founder and CEO of Index Creative Village, Cambodia is becoming increasingly attractive for trade due to its expected GDP growth exceeding 6.3% to US$35.16 billion and a growing population poised to hit 17.12 million with a youthful median age of 24. The country is also experiencing a boom in major infrastructure and real estate projects, including shopping centers and residential developments.
Thailand’s strategic ASEAN location provides a logistical edge for enhancing trade with Cambodia, particularly as the nations commemorate their 74th year of diplomatic ties. The Health & Beauty Expo, in particular, has seen escalating interest and recorded a trade value of 142 million baht in the previous year.
Sanan Angubolkul, chairman of the Board of Trade of Thailand, anticipates bilateral trade to reach US$20 billion by 2025. A recent collaboration with the Cambodia Chamber of Commerce produced the Cambodia-Thailand Business Forum 2024 and a Memorandum of Understanding to fortify trade and investment cooperation.
Turning to Saudi Arabia, Mek highlights the upcoming second International Mega Fair in Riyadh, which is set to expand by 30% in exhibition space from the preceding year, featuring a variety of industries including mother and child products, food and beverages, and health and wellness.
With an expected 20% increase to US$12 billion in bilateral trade, the Board of Trade of Thailand has recommended the appointment of a Minister Counsellor (Commercial) in Riyadh to catalyze business opportunities. Wachira Kaewkor, deputy director-general of OSMEP, notes that the office will subsidize up to 80% of exhibition space costs for small and micro enterprises, with 30 potential Thai SMEs already selected to attend the International Mega Fair 2024 in Riyadh.