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 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.