Thailand plans to expand new potential markets in high-spending regions such as Saudi Arabia and Latin America, with international arrivals expected to contribute 1.92 trillion baht ($52.6 billion) to its annual tourism revenue by the end of the year.

The Tourism Authority of Thailand, or TAT, said that its total annual tourism revenue target is 3 trillion baht this year and nearly two-thirds of that will come from inter-national travelers.

The TAT announced the goal at its major tourism trade fair, the Thailand Travel Mart Plus 2024, which kicked off on Wednesday in Phang-Nga, a province in southern Thailand on the shore of the Andaman Sea.

Last year, Thailand welcomed more than 28 million international arrivals generating revenue of 1.2 trillion baht, according to the TAT. The top five tourism markets were Malaysia, China, South Korea, India, and Russia.

Until the end of May, there were 14 million international arrivals to Thailand. This still lags far behind this year's goal of 35 million international arrivals, said TAT's Deputy Governor for Marketing and Communications Nithee Seeprae.

To further boost tourism, the TAT has set new targets on emerging markets with great potential, namely Saudi Arabia and Latin America.

"Those two regions are where the money is," said the TAT's Deputy Governor for International Marketing in Asia and the South Pacific Chattan Kunjara Na Ayudhya.

Chattan noted that Thailand can offer experiences that tourists cannot find elsewhere — including culture, culinary, art, and wellness-focused trips — which makes the kingdom unique and attractive.

"Those tourists who travel from far away need to be pampered, to relax and enjoy the pool villas, the spas, and massage either at beach resorts or boutique villas in the mountains," he said.

He also noted that the weather in Thailand is preferred by many travelers from Saudi Arabia, who enjoy the country's rainy season from June to September when the Saudi weather is at its hottest.

Apart from these new markets, the TAT has also attached more attention to markets with a significant surge in outbound travelers, such as India.

A recent report by vacation rental giant Airbnb showed that bookings in Thailand made by Indian guests between 2022 and 2023 had increased by more than 60 percent year-on-year.

"The surge is credited to the government's visa-free policy," Chattan said.

"As we saw a great potential of visitors from India this year, we also raised our expectation on the total arrivals from India to 2 million, a marked rise from the previous target of 1.6 million set at the beginning of this year," he added.

As one of the biggest tourism trade fairs, the Thailand Travel Mart Plus 2024 has witnessed a record 425 buyers.

More than 30 percent of those buyers came from East Asia and 25 percent from Europe. Buyers from the Association of Southeast Asian Nations, South Asia, and the South Pacific region accounted for 20 percent while the Americas, Africa, and the Middle East made up 12 percent.

"Tourism is not just about attracting visitors. It is also about forging connections and creating opportunities for all Thais," said Minister of Tourism and Sports Sermsak Pongpanit at the fair's opening ceremony.

"We are committed to fostering sustainable tourism practices and leveraging its power to ensure that the benefits of tourism reach every corner of Thailand," he added.

Sermsak said the event will serve as a significant plat-form to showcase the unique potential of Phang-Nga and the Andaman region as a tourist hub.

He said this region stands out for its unparalleled natural beauty, diverse tourist attractions, and its well-established reputation for wellness tourism.