Bangkok: Following the restoration of diplomatic relations between Thailand and Saudi Arabia, the Middle Eastern market has once again come into focus, especially during a period of global economic volatility. Thai businesses therefore need to seek new markets to reduce the risk of over-reliance on a few key markets. Professor Wachara Waewdam, an expert in Middle Eastern and Saudi Arabian export trade, views this as a "crucial opportunity" that Thailand should not miss, especially as Saudi Arabia is accelerating its economic restructuring under its Vision 2030 strategy to reduce its dependence on oil revenue.
According to Thai News Agency, the Gulf Arab countries have high per capita incomes and strong purchasing power. Therefore, halal food products, processed foods, fresh fruits, automotive parts, construction materials, and health products from Thailand all have significant growth potential. Furthermore, urbanization, mega-projects, and large-scale infrastructure investments in Saudi Arabia open up opportunities for Thai entrepreneurs to participate in the supply chain, both as exporters of goods and as service providers.
However, marketing in the Middle East is not simply a matter of having the product and exporting it immediately. Professor Wachara pointed out that entrepreneurs must have a deep understanding of Islamic business culture, legal systems, and halal standards. Personal relationships play a significant role, and building trust is more important than competing solely on price. Furthermore, having credible local representatives is a crucial factor for success.
Thailand needs to accelerate brand building, not just selling products. The Middle Eastern market faces continuous competition from Europe, China, and India. If Thailand does not quickly build a clear image and brand for its products, it may lose long-term opportunities. Promoting soft power in Thai food, health products, and health tourism services can generate greater economic value than traditional product sales.
In an era of uncertainty in major markets like the US and Europe, diversifying into the Middle East is a crucial strategy. Saudi Arabia and the Gulf states are no longer just an oil market; they are becoming the economic, investment, and innovation hub of the region. The question, therefore, is not whether this market is good or not, but how Thailand can get in on time. Because in the game of global trade, the one who starts first always has the advantage.