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Saudi-Thai Investment Forum Reveals Opening of Thailand BOI Office in Riyadh

The forum included several visual presentations showcasing key projects of the Saudi Vision 2030, the land bridge project in Thailand, and the role of relevant institutions from both countries in enabling the private sector to access investment opportunities - SPA
The forum included several visual presentations showcasing key projects of the Saudi Vision 2030, the land bridge project in Thailand, and the role of relevant institutions from both countries in enabling the private sector to access investment opportunities - SPA
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Saudi-Thai Investment Forum Reveals Opening of Thailand BOI Office in Riyadh

The forum included several visual presentations showcasing key projects of the Saudi Vision 2030, the land bridge project in Thailand, and the role of relevant institutions from both countries in enabling the private sector to access investment opportunities - SPA
The forum included several visual presentations showcasing key projects of the Saudi Vision 2030, the land bridge project in Thailand, and the role of relevant institutions from both countries in enabling the private sector to access investment opportunities - SPA

The Saudi Ministry of Investment, in collaboration with the Thailand Board of Investment (BOI) and the Embassy of Thailand in Saudi Arabia, organized on Sunday the Saudi-Thai Investment Forum in Riyadh. The event was attended by Minister of Investment Eng. Khalid Al-Falih, Minister of Foreign Affairs of Thailand Maris Sangiampongsa, several officials and CEOs of major companies, and representatives of the private sector from both countries.
In his opening speech, Al-Falih said: "Your visit comes two and a half years after the historic agreement between 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."
SPA quoted Al-Falih as saying: "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."
The forum aims to enhance partnership between the two countries, increase investment and trade cooperation, and facilitate access to investment opportunities in all fields for companies and investors in Saudi Arabia and Thailand.
During the forum, the opening of the BOI office in Riyadh was announced to highlight the strategic partnership and enhance economic relations between Saudi Arabia and Thailand and to expand trade exchange. The forum also witnessed the signing of 11 agreements and memoranda of understanding in various fields, including agriculture, food, tourism, infrastructure, and energy, to further boost commercial cooperation and develop trade and investment relations.
The forum included several visual presentations showcasing key projects of the Saudi Vision 2030, the land bridge project in Thailand, and the role of relevant institutions from both countries in enabling the private sector to access investment opportunities and linking quality investment opportunities with Saudi and Thai companies. Also, it aimed to enhance and develop cooperation in all fields and projects.
The forum's activities also included meetings and bilateral discussions among private sector representatives and a review of developments in the investment environment in Saudi Arabia and Thailand.
The manufacturing sector ranked first in terms of the stock of Thai investments in Saudi Arabia for 2022, accounting for 56.7% of the total stock of Thai investments in the Kingdom. Meanwhile, the mining and minerals exploitation sector ranked first in terms of the flow of Thai investments into the Kingdom for 2022, accounting for 73.4% of the total flow of Thai investments into Saudi Arabia.

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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar weakened broadly on Thursday, while the euro rallied after President Donald Trump announced harsher-than-expected tariffs on US trading partners, unsettling markets as investors flocked to safe havens such as the yen and Swiss franc.

The highly anticipated tariff announcement sent shockwaves through markets, with global stocks sinking and investors scrambling to the safety of bonds as well as gold.

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners.

The new levies ratchet up a trade war that Trump kicked off on his return to the White House, rattling markets as fears grow that a full-blown trade war could trigger a sharp global economic slowdown and fuel inflation, Reuters reported.

The dollar index, which measures the US currency against six others, fell 1.6% to 102.03, its lowest since early October.

The euro, the largest component in the index, gained 1.5% to a six-month high of $1.1021.

Trump has already imposed tariffs on aluminium, steel and autos, and has increased duties on all goods from China.

"Eye-watering tariffs on a country-by-country basis scream 'negotiation tactic', which will keep markets on edge for the foreseeable future," said Adam Hetts, global head of multi-asset and portfolio manager at Janus Henderson Investors.

The risk-sensitive Australian dollar added 0.56% to $0.63365, while the New Zealand dollar climbed 0.9% to $0.5796.

The yen strengthened to a three-week high against the dollar and was last up 1.7% at 146.76 per dollar, while the Swiss franc touched its strongest level in five months at 0.86555 per dollar.

"Negotiations are now going to be front of mind. This is probably the other big part of why we're seeing some of these currencies outperform," said Nicholas Rees, Head Of Macro Research at Monex Europe.

"It's very difficult actually to see how other countries make concessions that would encourage the US to lift these tariffs. And I think that's a big underpriced risk."

Investors are worried that some US trading partners could retaliate with measures of their own, leading to higher prices.

EU chief Ursula von der Leyen described the tariffs as a major blow to the world economy and said the 27-member bloc was prepared to respond with countermeasures if talks with Washington failed.

Worries about a global trade war have intensified since Trump stepped into the White House in January, combining with a slew of weaker-than-expected US data to stoke recession fears and undermine the dollar.

The dollar index is down more than 5.7% this year.

"These tariffs have certainly significantly increased the risks to the downside for global growth, so on balance we think that will eventually start to become more supportive again for the dollar," said Lee Hardman, senior currency analyst at MUFG.

In Asia currencies, China's onshore yuan slid to its weakest level against the dollar since February 13. China's offshore yuan also hit a two-month low.

The Vietnamese dong slumped to a record low.

Elsewhere, the Mexican peso and Canadian dollar strengthened.

Canada and Mexico, the two largest US trading partners, already face 25% tariffs on many goods and will not face additional levies from Wednesday's announcement.