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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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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo

The United States imposed new sanctions on Russia's Gazprombank on Thursday, the Treasury Department said, as President Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before he leaves office in January.
The move, which wields the department's most powerful sanctions tool, effectively kicks Gazprombank out of the US banking system, bans its trade with Americans and freezes its US assets, Reuters reported.
Gazprombank is one of Russia's largest banks and is partially owned by Kremlin-owned gas company Gazprom. Since Russia's invasion in February 2022, Ukraine has been urging the US to impose more sanctions on the bank, which receives payments for natural gas from Gazprom's customers in Europe.
The fresh sanctions come days after the Biden administration allowed Kyiv to use US ATACMS missiles to strike Russian territory. On Tuesday, Ukraine fired the weapons, the longest range missiles Washington has supplied for such attacks on Russia, on the war's 1,000th day.
The Treasury also imposed sanctions on 50 small-to-medium Russian banks to curtail the country's connections to the international financial system and prevent it from abusing it to pay for technology and equipment needed for the war. It warned that foreign financial institutions that maintain correspondent relationships with the targeted banks "entails significant sanctions risk."
"This sweeping action will make it harder for the Kremlin to evade US sanctions and fund and equip its military," Treasury Secretary Janet Yellen said. "We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine."
Gazprombank said Washington's latest move would not affect its operations. The Russian embassy in Washington did not respond to requests for comment.
Along with the sanctions, Treasury also issued two new general licenses authorizing US entities to wind down transactions involving Gazprombank, among other financial institutions, and to take steps to divest from debt or equity issued by Gazprombank.
Gazprombank is a conduit for Russia to purchase military materiel in its war against Ukraine, the Treasury said. The Russian government also uses the bank to pay its soldiers, including for combat bonuses, and to compensate the families of its soldiers killed in the war.
The administration believes the new sanctions improve Ukraine's position on the battlefield and ability to achieve a just peace, a source familiar with the matter said.
COLLATERAL IMPACT
While Gazprombank has been on the administration's radar for years, it has been seen as a last resort because of its focus on energy and the desire to avoid collateral impact on Europe, a Washington-based trade lawyer said.
"I think that the current administration is trying to put as much pressure and add as many sanctions as possible prior to January 20th to make it harder for the next administration to unwind," said the lawyer, Douglas Jacobson.
Officials in Slovakia and Hungary said they were studying the impacts of the new US sanctions.
Trump would have the power to remove the sanctions, which were imposed under an executive order by Biden, if he wants to take a different stance, Jacobson said.
After Russia's invasion in 2022, the Treasury placed debt and equity restrictions on 13 Russian firms, including Gazprombank, Sberbank and the Russian Agricultural Bank.
The US Treasury has also worked to provide Ukraine with funds from windfall proceeds of frozen Russian assets.