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Saudi-Thai Roadmap to Boost Partnership in 4 Investment Sectors

High-level public and private participation at the Saudi-Thai Investment Forum (Asharq Al-Awsat)
High-level public and private participation at the Saudi-Thai Investment Forum (Asharq Al-Awsat)
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Saudi-Thai Roadmap to Boost Partnership in 4 Investment Sectors

High-level public and private participation at the Saudi-Thai Investment Forum (Asharq Al-Awsat)
High-level public and private participation at the Saudi-Thai Investment Forum (Asharq Al-Awsat)

Saudi Minister of Investment Khalid al-Falih announced that the developed Saudi-Thai road map would be further boosted by the new investments in tourism, healthcare, industry, and manufacturing operations.

The Ministry of Investment in Riyadh organized the Saudi-Thai Investment Forum, with the participation of the Minister of Investment, the Thai Deputy Prime Minister and Foreign Minister Don Pramudwinai, Foreign Minister Prince Faisal bin Farhan bin Abdullah, and Minister of Industry Bandar al-Khorayef.

It also included a wide range of representatives of government agencies, the Federation of Saudi Chambers, and private sector representatives from the two countries.

Connections

Falih said that the Forum aims to advance economic relations between the two countries to broader horizons, as they enjoy vast investment and trade opportunities and significant human and natural resources.

In light of Vision 2030, he noted that Saudi Arabia has developed the business environment by implementing a large package of reforms that exceeded 500 reforms, including enacting regulations and legislation per international best practices.

He called on investors and leading Thai companies to visit the Kingdom and get acquainted with investment opportunities in all sectors, as the Kingdom has a competitive and attractive environment that provides opportunities with rewarding returns for investors.

Falih said the Forum comes as an extension of relations after the meeting of Crown Prince Mohammed bin Salman with the Thai Prime Minister Prayut Chan-ocha earlier this year.

Roadmap

Addressing the Forum in Riyadh, Falih said the two countries' leaderships agreed in advance to establish a clear roadmap, and that the partnerships have promising opportunities according to the Vision 2030, which includes the most extensive economic package in the history of the Saudi economy.

Last year, the Crown Prince revealed ambitious and bold initiatives through the Kingdom's strategy announced by the Crown Prince last year, said the Minister.

He indicated that the Crown Prince announced that the Kingdom would spend more in the coming years than it did during the past 300 years combined.

Saudi Arabia announced $3.5 trillion in its investments.

Tourism and Hospitality

Falih acknowledged that the ambitious Thai plan allows the state to make a qualitative leap to a high level of development and investment by building value-added industries following Thailand's policy of a circular carbon economy.

He pointed out that tourism covers more than 60 percent of Thailand's GDP.

Saudi Arabia is working on expanding tourism and increasing the flow of tourists annually, noting that the goal is to reach 100 million visitors by 2030.

Falih indicated that Thailand had achieved a massive increase in visitors and investment opportunities for partnerships in various fields, including hotels, hospitality, tourism sectors, events, and related services.

Saudi Arabia will work to facilitate investment opportunities for the two countries, including Ad Diriyah.

Automotive Sector

Falih indicated that the automotive industry, services, and production in Thailand are the 11th internationally in the investment sector.

Saudi Arabia is currently the most prominent car market, without a production volume, but this will change, asserted the Minister, announcing that King Abdullah Economic City will launch the first project of a complex for auto parts and manufacturing in the Kingdom.

By 2025, the Kingdom will be manufacturing many electric cars that will be exported suggesting Thailand's participation in the Saudi car market.

Falih noted that there seem to be substantial investment opportunities in the automotive sector for both countries, especially since Thailand's bold plans with its shipping and production station.

He stressed a Saudi intention to work with Thailand to stimulate this sector to establish frameworks in the Kingdom by assembling and manufacturing auto parts.

Green Energy

The Minister indicated that Saudi Arabia is working to boost its energy and oil sectors, adding that the Kingdom is a pioneer in green energy, especially since it adopted a circular carbon economy during its presidency of the G20.

He explained that the Saudi National Transport Strategy aims to stimulate companies to boost the Kingdom's competitiveness, use energy at a lower cost, link it to market requirements, and increase the level of the workforce and raw materials such as chemicals, aluminum, and other materials that are the backbone of the industry.

Comprehensive Transformation

Chairman of the Council of Saudi Chambers of Commerce and Industry Ajlan al-Ajlan stressed that the global economy is facing challenging times that have caused inflation and impacted global supply chains.

Ajlan noted that the situation also affected the overall economic relations between countries, which requires more cooperation between Saudi Arabia and Thailand.

Trade exchange reached $7.1 billion in 2021, a 29 percent increase from the previous year, but it is not commensurate with the available economic capabilities and opportunities.

He stressed the need to increase joint economic activities and boost trade and investment partnerships between the two countries.

The Forum is part of the two sides' efforts to develop relations between them and explores the prospects for investment and trade opportunities in all fields, as it witnessed remarkable participation of the Saudi and Thai investors and pioneering companies.

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Business

Russia Extends Ban on Gasoline Exports Until February

Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
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Russia Extends Ban on Gasoline Exports Until February

Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin
Gasoline tank trucks are seen outside the Rosneft Achinsk oil refinery plant, one of the biggest Siberian fuel suppliers, near the town of Achinsk, some 188 km (117 miles) west of Krasnoyarsk, April 28, 2011. REUTERS/Ilya Naymushin

Russia has extended the temporary ban on gasoline and fuel exports, including producers and intermediaries, until the end of next February, the Russian news agency Interfax said, citing a government website.

“The new decree extended the temporary ban on the export of gasoline outside the country until February 28, 2026, inclusive. It will be valid for all exporters, including direct producers,” the website wrote.

The decree also extends the ban on the export of marine fuel, vacuum gas oil and other types of gas oils, including volumes purchased at exchange auctions, until 28 February 2026. In this case, the restriction will not apply to direct producers of petroleum products.

Russia introduced the measures at the end of August due to the exacerbation of the fuel crisis.

Several major refineries were attacked by drones in August and September, including Surgutneftegaz's Kirishinefteorgsintez refinery, Lukoil's Volgograd refinery and Rosneft's Samara group of refineries.

Prices for gasoline, which are tightly monitored by authorities, were up 10.2%, above general inflation, since the start of the year, with the spike in part attributed to a step up in Ukrainian attacks on Russian refineries.

Last October, US President Donald Trump mentioned “long lines waiting for gasoline” and said the Russian “economy is going to collapse.”

Trump said his Russian counterpart Vladimir Putin should settle the war in Ukraine which was making Russia look bad.

Asked about Trump's remarks at an energy conference in Moscow, Deputy Prime Minister Alexander Novak, who oversees energy and the economy for the government, said that Russia had a stable supply of gasoline.

“We have a stable domestic market supply, we see no problems in this regard,” Novak said.

“The balance is maintained between production and consumption, and we, on the part of the government and the relevant ministries, are doing everything to ensure that this remains the case.”

Russia's seaborne oil product exports fell 17.1% in September from August to 7.58 million metric tons due to less fuel production as various refineries were impacted by drone attacks, data from industry sources and Reuters calculations showed.

The economy is slowing sharply this year and the government forecasts gross domestic product (GDP) growth of 1.0% after 4.3% growth in 2024 and 4.1% growth in 2023, though the International Monetary Fund has downgraded its 2025 forecast to 0.6% from 0.9%.

Business

Hong Kong Expects 3.2% Growth this Year, Seeks to Maintain Momentum

FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
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Hong Kong Expects 3.2% Growth this Year, Seeks to Maintain Momentum

FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: Tourists relax on the waterfront in front of Victoria Harbour, with the iconic skyline buildings as a backdrop, in Hong Kong, China June 28, 2023. REUTERS/Tyrone Siu/File Photo

Hong Kong Financial Secretary Paul Chan raised his 2025 economic growth forecast to 3.2% on Sunday, saying the city would bolster its role as a financial center, innovation hub and trade center to maintain the momentum.

In February, Chan had forecast growth of between 2% and 3%.

Hong Kong, the world's biggest venue for initial public offerings this year, will lure more listings from companies in areas such as Southeast Asia and the Middle East and will actively promote internationalization ⁠of China's yuan currency, Chan said in a blog post.

The city will also focus on developing artificial intelligence and biotech to lead the global race in technology and will strengthen its role as a trade hub by helping more Chinese companies expand overseas, Reuters quoted him as saying.

"Looking into ⁠next year, Hong Kong's economy is expected to keep the good trend of growth," Chan said. "Finance, tech innovation and trade will be Hong Kong's key engines of growth as the city actively embraces China's development strategy."

Hong Kong has one of the world's best-performing stock markets this year, with the Hang Seng Index up 30%.

Resilient exports, brisk fixed-asset investment and recovering consumption have helped Hong Kong's growth beat forecast, Chan said.

To ⁠bolster its status as a financial center, Hong Kong will strengthen the competitiveness of its stock market and develop areas including bonds, money market, fintech, commodities and gold trading, he said.

In terms of innovation, Hong Kong will develop AI into a "core industry,” as the technology will define economies' competitiveness and reshape the global economic landscape, he said.

The city is also establishing a center for cross-border supply chain management and trade finance, to better help Chinese companies expand offshore, Chan said.

Business

China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
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China Passes Revised Foreign Trade Law to Bolster Trade War Capabilities

Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)
Containers are seen at the port in Shanghai, China, Oct. 13, 2025. (AFP)

China on Saturday passed revisions to a key piece of legislation aimed at strengthening Beijing's ability to wage trade war, curb outbound shipments from strategic minerals, and further open its $19 trillion economy.

The latest revision to the Foreign Trade Law, approved by China's top legislative body, will take effect on March 1, 2026, state news agency Xinhua reported on Saturday.

The world's second-largest economy is overhauling its trade-related legal frameworks partly to convince members of a major trans-Pacific trade bloc created to counter China's growing influence that the manufacturing powerhouse ‌deserves a seat at ‌the table, as Beijing seeks to reduce ‌its ⁠reliance on the US.

Adopted ‌in 1994 and revised three times since China joined the World Trade Organization in 2001, most recently in 2022, the Foreign Trade Law empowers policymakers to hit back against trading partners that seek to curb its exports and to adopt mechanisms such as "negative lists" to open restricted sectors to foreign firms.

The revision also adds a provision that foreign trade should "serve national economic and social development" and help build China ⁠into a "strong trading nation", Xinhua said.

It further "expands and improves" the legal toolkit for countering external challenges, according ‌to the report.

The revision focuses on areas such ‍as digital and green trade, along ‍with intellectual property provisions, key improvements China needs to make to meet the ‍standards of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, rather than the trade defense tools the 2020 revamp honed in on following four years of tariff war with the first Trump administration.

Beijing is also sharpening the wording of its powers in anticipation of potential lawsuits from private firms, which are becoming increasingly prominent in China, according to trade diplomats.

"Ministries have become more concerned about private sector criticism," ⁠said one Western trade diplomat with decades' of experience working with China. "China is a rule-of-law country, so the government can stop a company's shipment, but it needs a reason."

"It's not totally lawless here. Better to have everything written out in black and white," they added, requesting anonymity, as they were not authorized to speak with media.

China's private exporting firms attracted global attention in November after the French government moved to suspend the Chinese e-commerce platform Shein.

The Chinese government increasingly could also find itself at odds with private enterprise when seeking to carry out sweeping bans, ‌such as Beijing's prohibition of all Japanese seafood imports, as Asia's top two economies continue to feud over Taiwan, trade diplomats say.