Saudi-Thai Investment Forum Marks New Chapter With BOI Office Opening In Riyadh

The Ministry of Investment, in collaboration with the Thailand Board of Investment (BOI) and the Embassy of Thailand in Saudi Arabia, hosted the Saudi-Thai Investment Forum in Riyadh. The event saw participation from Minister of Investment Eng. Khalid Al-Falih, Thai Foreign Minister Maris Sangiampongsa, and various officials and CEOs from both nations.

Al-Falih highlighted the significance of the forum by stating: "Your visit comes two and a half years after the historic agreement between His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister and former Prime Minister of Thailand Prayuth Chan-ocha, to open a new chapter in our journey. This partnership, which took place here in Riyadh, has contributed to advancing trade relations between the two countries, and we hope to see this repeated through investment as well."

The forum's primary goal was to boost partnerships between Saudi Arabia and Thailand by increasing investment and trade cooperation. It aimed to provide companies and investors from both countries with access to diverse investment opportunities across various sectors.

During the event, it was announced that a BOI office would be opened in Riyadh. This move is intended to highlight the strategic partnership between Saudi Arabia and Thailand while enhancing economic relations and expanding trade exchanges.

The forum witnessed the signing of 11 agreements and memoranda of understanding covering fields such as agriculture, food, tourism, infrastructure, and energy. These agreements are expected to further commercial cooperation and develop trade and investment relations between the two nations.

Al-Falih added: "Considering the strong relations between our peoples and the robust cooperation, there is nothing to prevent a leap in the Saudi-Thai partnership to reach its full potential. Early figures support this, as we have seen a steady increase in trade since the resumption of relations, reaching $7.5 billion in 2022 and about $9 billion in 2023. In travel and tourism, around 200,000 Saudis travelled to Thailand, and more than 30,000 Thai visitors came to Saudi Arabia last year."

Investment Opportunities Highlighted

The forum featured visual presentations showcasing key projects under Saudi Vision 2030 and Thailand's land bridge project. These presentations aimed to demonstrate how institutions from both countries can enable private sector access to investment opportunities.

The manufacturing sector led Thai investments in Saudi Arabia for 2022, accounting for 56.7% of total investments. Meanwhile, mining and minerals exploitation ranked first for Thai investment flow into Saudi Arabia for 2022 at 73.4%.

Bilateral Discussions

Activities at the forum included meetings and bilateral discussions among private sector representatives. These discussions reviewed developments in the investment environments of both countries.

The forum also aimed at enhancing cooperation across all fields by linking quality investment opportunities with companies from Saudi Arabia and Thailand.

The event underscored a significant milestone in strengthening economic ties between Saudi Arabia and Thailand through increased collaboration in various sectors.

With inputs from SPA