Thailand keen to boost investment in Bahrain

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Thailand can play an integral role in boosting and investing in Bahrain’s ambitious tourism sector, stated a top envoy.Thai Ambassador Piyapak Sricharoen said his country is also keen to work in the areas of food security, medical tourism and further encourage Thai small and medium scale enterprises (SMEs) to expand in Bahrain – the natural gateway to the $1.4 trillion GCC market.“Bahrain and Thailand enjoy a special historic friendship and working on the economic agenda is one of my priorities here,” the diplomat told the GDN during an exclusive interview.“I will focus on Thai SMEs that now have the capacity to establish bases abroad, and especially encourage young Thai entrepreneurs to venture into the GCC market with Bahrain being the first point of entry due to its business-friendly environment.”Elaborating on the trade relations, the diplomat said the total two-way trade continues to show an upward trend from $350 million in 2020 to $419m last year, and $307m from January until August this year.“There is room for growth and we have received some good business inquiries so far this year,” said Mr Sricharoen.He added that Thailand’s exports are expected to grow, supported by the opportunity to export more agricultural and food products to ensure food security in many countries as supply chains improve post the pandemic.The top five Thai exports to Bahrain are four-wheel-drive cars, machinery and bar parts, condensers/coolers/freezers, plastics and wood products.

The top five Thai import from Bahrain are refined fuels, other metal ores, fertiliser and pesticides, chemical products, and fresh and frozen seafood products.“Food security is a big area we can work together on, considering we have many Thai food products, fruits, processed and household items that can help in the long-term development strategy.”Another key area of focus is tourism considering both nations are keen to attract more tourists, especially post the Covid-19 pandemic.Thailand has set a projected target to welcome 9.65m international visitors by the year-end.Bahrain received nearly 1.7m visitors in Q1 2022, against 152,000 in Q1 2021.The jump followed the easing of Covid-19 related travel restrictions as global passenger movement picked up.Bahrain’s new tourism strategy, as part of the Economic Recovery Plan, aims to increase the sector’s GDP contribution to 11.4pc, attract 14m tourists by 2026, increase average visitor spending to $198 and average tourist nights to 3.5 days.“Bahrain has done very well to manage the pandemic, while balancing the economic imperatives, just like Thailand,” said Mr Sricharoen, who was previously posted in New Delhi, Brussels, Kuala Lumpur and other senior posts in Bangkok.“The Tourism Authority of Thailand (TAT) launched the new tourism concept for 2022, ‘Amazing Thailand, Amazing New Chapters,’ offering new destinations in the Northeast, and we have direct Gulf Air flights from Bahrain which will be very beneficial.”

The GDN previously reported that international hotel chain Minor Hotels, led by US-born Thai billionaire William E Heinecke, is to develop two upscale hotels at Bilaj Al Jazayer.Agreements were signed with Bahrain Real Estate Investment Company (Edamah), the real estate arm of the kingdom’s sovereign wealth fund, Mumtalakat.Scheduled to open in 2024, Avani Hotel and Tivoli Hotel at Bilaj Al Jazayer will be the first hospitality offerings in the area, which is undergoing a comprehensive redevelopment.The new Avani and Tivoli hotels, each with 110 keys, will be located along the main boulevard of Bilaj Al Jazayer, on the waterfront.The diplomat stated he will be interacting with Thai business officials related to the above two hotels project.“In our respective economic visions that encompasses almost every aspect of national development there is a huge scope on the digital economy and pushing medical tourism.“We have also held successful talks between leading Thai holistic health business owners and the concerned authorities in Bahrain including the Economic Development Board and the National Health Regulatory Authority with regards to medical tourism.”On the culture front, Thai Embassy has organised several activities in the past two years including having special events at the Thai Mart.sandy@gdnmedia.bh