UAE-Thailand Business Forum enhances investment prospects

The Sharjah Chamber of Commerce and Industry (SCCI) hosted the UAE-Thailand Business Forum to mark a high-level delegation visit from the Thai Chamber of Commerce and Industry.

The delegation comprised prominent business figures and representatives from various industrial and commercial sectors. The forum aimed to facilitate one-on-one business meetings to explore investment opportunities and discuss ways to expand economic cooperation between business leaders and company executives from both countries.

Held at SCCI’s headquarters, the forum was attended by Fatema Khalifa Al Muqarrab, Director of International Relations Department at SCCI. The Thai delegation was headed by Dr. Visit Limlurcha, Vice Chairman of the Thai Chamber of Commerce.

Also present were Ms. Paphavadee Thinprawat, International Trade Promotion Executive at the Board of Trade of Thailand, along with senior officials from the Sharjah Chamber and a number of Emirati and Thai business leaders, representing various economic sectors from both sides.

The Thai delegation featured prominent economic figures from major companies specialising in food manufacturing, logistics, import and export, construction materials, and the furniture industry.

During the forum and in bilateral discussions with Emirati entrepreneurs, the Thai delegation noted that selecting Sharjah as the venue for the UAE-Thailand Business Forum underscores the emirate’s position as a leading commercial and investment hub in the region. Sharjah is renowned for its advanced infrastructure and business-friendly environment that attracts investors from around the world.

In her welcoming speech, Fatema Khalifa Al Muqarrab said that the UAE-Thailand Business Forum serves as an important platform to further deepen the economic and trade ties between the two countries and expand bilateral relations to serve the interests of the business sectors of both nations.

She noted the Sharjah Chamber is committed to leveraging the depth of these relations and the shared desire to enhance economic partnerships. This momentum has been fueled by the launch of discussions in May last year to establish a comprehensive economic partnership agreement between the two countries.

Al Muqarrab added that the relationship between the UAE and Thailand has seen impressive growth across various fields over the past few years, driven by a shared commitment to strengthening the exchange of expertise and deepening collaboration across various economic and investment fields.

She pointed to the growth in non-oil trade between the UAE and Thailand, which saw a 21% increase in 2022, reaching $6.1 billion, reflecting the high level of cooperation between the two countries and their mutual commitment to strengthening strategic partnerships.

The UAE also stands out as Thailand’s largest trading partner in the Middle East and continues to be a key investment destination for Thai companies in the region. This growth is part of the UAE’s comprehensive economic vision to increase non-oil trade with ASEAN countries, reporting a volume of $15.3 billion in the first half of 2023 alone.

For his part, Dr. Visit Limlurcha expressed his gratitude to the Sharjah Chamber for the warm welcome and for hosting the UAE-Thailand Business Forum. He noted that this forum represents a crucial step toward strengthening economic ties between Thailand and the UAE.

Emphasising the Thai Chamber’s recognition of the UAE’s status as a key investment destination in the Middle East, Limlurcha said that Thai businesses are eager to expand in the UAE market and explore further investment opportunities, particularly in Sharjah, which offers a favorable business environment and a wide range of investment advantages and incentives.

The forum featured a presentation of an informative video highlighting the services provided by the Sharjah Chamber to the business community. The video detailed the chamber’s diverse departments and the facilitative services it offers to companies and investors in various economic sectors worldwide, adhering to global best practices. This positions the chamber as a key platform for attracting investments and fostering economic projects.

The Thai delegation and representatives were briefed on the rapid development taking place across various economic sectors in Sharjah, as well as the multiple advantages and facilitative services the emirate offers to investors. They also discussed Sharjah’s tourism potential and ambitious projects, which signify a bright future for investment.

The Thai side outlined the Thai Chamber of Commerce’s aspirations to enhance trade exchange with the UAE, support Thai companies entering the UAE market, and establish sustainable partnerships that contribute to the developmental goals of both countries.