Thailand Explores Cooperation with Saudi Arabia in Renewable Energy, Green Hydrogen

The Saudi Minister of Investment and Thailand’s Foreign Minister honor representatives of the private sector in both countries at the investment forum in Riyadh. Asharq Al-Awsat
The Saudi Minister of Investment and Thailand’s Foreign Minister honor representatives of the private sector in both countries at the investment forum in Riyadh. Asharq Al-Awsat
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Thailand Explores Cooperation with Saudi Arabia in Renewable Energy, Green Hydrogen

The Saudi Minister of Investment and Thailand’s Foreign Minister honor representatives of the private sector in both countries at the investment forum in Riyadh. Asharq Al-Awsat
The Saudi Minister of Investment and Thailand’s Foreign Minister honor representatives of the private sector in both countries at the investment forum in Riyadh. Asharq Al-Awsat

Thai Foreign Minister Maris Sangiampongsa said that relations between Thailand and Saudi Arabia go beyond bilateral cooperation to regional and international collaboration, focusing on three key areas for which the two countries can make use of the expertise and complementarities of the two economies and the compatibilities of the Saudi Vision 2030 and Ignite Thailand policies; namely Food Security, Energy Security and Human Security.

Sangiampongsa also told Asharq Al-Awsat in an interview that renewable energy, green hydrogen and Small Modular Reactors (SMRs), as well as collaboration in the automotive industry, especially electric vehicles (EVs) are potential areas of cooperation that both countries should explore further.

Here is the full text of the interview.

1. What were the main objectives of your visit to Saudi Arabia?

First and foremost, I visited Saudi Arabia at the invitation of the Secretary General of the Thailand Board of Investment of Thailand (BOI), to preside over the opening ceremony of the BOI’s Office in Riyadh. It is the BOI's 17th overseas office, and more importantly – the first Office of Overseas Investment Economics in the Middle East, which will cover a total of 13 countries in the Middle East region. The initiative reflects the importance with which Thailand attaches to Saudi Arabia, and aims to realize and fulfil the ample trade and investment opportunities that exist between our two countries by attracting investment in target industries into Thailand and supporting and facilitating Thai entrepreneurs interested in investing in the Middle East.

Secondly, I also presided over the Opening Ceremony of the Second "Thai - Saudi Investment Forum" with His Excellency Mr. Khalid bin Abdulaziz Al-Falih, Minister of Investment of the Kingdom of Saudi Arabia. The Forum witnessed the signing of 11 memorandums of understanding (MOUs) between Thailand and Saudi Arabia companies, and enabled executives and high-level representatives from government agencies, financial institutions, the Thai Chamber of Commerce, the Federation of Thai Industries, and Thai private sector to have fruitful business matchings with their Saudi counterparts.

Furthermore, I had highly constructive meetings with high-level representatives of Saudi Arabia, namely; His Excellency Mr. Khalid bin Abdulaziz Al-Falih, Minister of Investment of the Kingdom of Saudi Arabia, His Excellency Mr. Fahd bin Abdurrahman bin Dashes Al-Jalajel, Minister of Health of the Kingdom of Saudi Arabia, and His Excellency Eng. Abdulrahman bin Abdulmohsen Al-Fadhli, Minister of Environment, Water, and Agriculture of the Kingdom of Saudi Arabia, to explore ways and means to further enhance the bilateral relations between our two countries particularly in the field of agriculture, food processing, public health and tourism. I also met with representatives from leading Saudi private sectors such as SALIC, Ceer Motors, BUPA Arabia, Al-Baik, among others to show our commitment and reaffirm our priorities in boosting trade and investment.

2. What is the significance of the Second "Thai-Saudi Investment Forum"?

It is the second such Forum, following the first one held in May 2022 in Riyadh soon after the full normalization of our diplomatic relations, thereby showing a sense of continuity and a strong will on both sides to deepen the cooperation, especially in terms of trade and investment. Furthermore, the number and the level of the participants representing the business sectors of both countries gives us confidence that this event will bear fruitful results and will be remembered as an important step in the development of economic and investment cooperation between Thailand and Saudi Arabia.

This Forum also builds upon the success of last year's Thailand International Mega Fair, led by the Thai Chamber of Commerce, which saw over 30 Thai business sectors showcasing more than 1,000 products from 200 brands, marking a significant achievement in promoting Thailand in Saudi Arabia. These events and initiatives show that there remain untapped opportunities and potentials for our two countries, and the two sides need to work together even more diligently to realize these potentials and ensure concrete and tangible results. We are thus pleased to announce the International Mega Fair 2024-Riyadh, scheduled for November 2024, which will focus on promoting trade in an array of high-potential sectors, and will showcase Thailand’s diverse and innovative industries, from everything ranging from construction materials, hospitality, to defense technology.

3. What are the most important areas of cooperation between the two countries?

Ties between Thailand and Saudi Arabia have been developing rapidly following the normalization of diplomatic relations in 2022. Since then, the two sides have witnessed more than 10 High-level bilateral visits and accelerated cooperation through various mechanisms.
The Saudi-Thai Coordination Council (STCC) will be an important driving force in propelling our relations forward across five encompassing pillars of cooperation from trade and investment to political and consular cooperation to socio-cultural and military and security cooperation.

On the economic front, it is worth noting that last year alone, bilateral trade between Thailand and Saudi Arabia stood at USD8.8 Billion consisting of nearly 22% of Thailand’s total trade with the Middle East. These impressive numbers will certainly be boosted even further by the recent bilateral Memorandum of Understanding (MoU) between Thailand’s Ministry of Commerce and the General Authority of Foreign Trade of Saudi Arabia, as well as our commitment towards exploring the possibility of a regional Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC).

On this visit, I have proposed that Thailand and Saudi Arabia focus our cooperation on three key areas for which our two countries can make use of the expertise and complementarities of our two economies and the compatibilities of the Saudi Vision 2030 and Ignite Thailand policies; namely Food Security, Energy Security and Human Security.

For Food Security, we have already identified several investment initiatives on food production and processing between the Saudi Agricultural and Livestock Investment Company (SALIC) and several related Thai companies. We also aim to begin the export of live cattle and livestock from Thailand to Saudi Arabia as the greenlight has recently been given by the Saudi authority. We believe there is strong potential in the area of agriculture and processed food, especially when you consider that Thailand is already a major producer and exporter of halal food.

For Energy Security, renewable energy, green hydrogen and Small Modular Reactors (SMRs), as well as collaboration in the automotive industry, especially electric vehicles (EVs) are potential areas of cooperation that we should explore further.

While in the area of Human Security, we can promote stronger people-to-people contact through medical, biotechnology, health and wellness cooperation, as well as tourism and connectivity, to promote mutual understanding and soft power. Medical tourism is indeed a key area for closer bilateral cooperation, and Thailand’s private hospitals already welcome large numbers of medical tourists from all over the world, including Saudi Arabia and other Middle East countries. Thailand can also play a part in the promotion of wellness industry in Saudi Arabia with our strong expertise in this sector.

Our relations go beyond bilateral cooperation. Saudi Arabia can utilize Thailand’s strength as a bridge builder and facilitator in the global arena. With Thailand assuming the Chairmanship of the Asia Cooperation Dialogue (ACD) in 2025, we are ready to connect ACD with other regional groupings such as the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) that would cover a population of 4 billion people, which could be an important cooperation that would be beneficial for all. It is thus very clear that Thailand and Saudi Arabia have the potential to serve as twin hubs for each other. Thai businesses can benefit from collaboration with Saudi Arabia, the Middle East's economic center, to expand their market to the entire Middle East region, while Saudi Arabia may consider using Thailand as an investment base to expand its business into the ASEAN region and capitalize on the Regional Comprehensive Economic Partnership agreement, the world's largest free trade area. It is also imperative to note that we need to encourage the participation of our private sectors in all these endeavors, as the private sectors are the real players, while the public sectors are the facilitators.

Through my discussion with the Ministers of Investment, Minister of Health and the Minister of Environment, Water, and Agriculture of the Kingdom of Saudi Arab, it is heartening to see that we concur on these issues, and Thailand and Saudi Arabia are on the same page in our effort to realize our potential.

4. What about the size of the Thai economy and its expected growth rate during the year 2024?

Thailand is situated in the heart of ASEAN. We are the second largest economy in Southeast Asia and act as a gateway to major economies such as China and India. Thailand actively expands trade relations through 15 Free Trade Agreements (FTA) with 19 countries and many in the pipeline. With its strategic location, Thailand serves as a hub for multinational corporations seeking to establish a regional headquarters in Asian region due to its strategic location, excellent business ecosystem, robust infrastructure, regional connectivity, competitive costs of doing business, skilled talent pool, and attractive investment incentives. According to the “Ignite Thailand” vision, H.E. Mr. Srettha Thavisin, Prime Minister of Thailand attaches priority to make Thailand the hub of 8 major industries: agriculture and food, medical and wellness, tourism, future mobility, financial, digital economy, logistics, and aviation. The Prime Minister also gives importance to easing the process of doing business in Thailand. Through the “Ignite Thailand” vision, Thailand aims to be the hub of progress and prosperity not only for the benefit of the country, but rather for the benefit of the whole region.

Tourism has been, and continues to be a major driver of economic growth for Thailand. Recently, in order to further boost the country’s tourism sector, Thailand has approved a 60-day visa exemption scheme, allowing travelers from 93 countries, including the Kingdom of Saudi Arabia, to visit Thailand for short-term business engagements as well as leisure travel.

5. Is there a new cooperation project that will be launched in the near future?

H.E. Mr. Srettha Thavisin, Prime Minister of Thailand, who made an official visit to Saudi Arabia a few months ago, directed himself the Board of Investment to open the office in Riyadh as soon as possible. That reflects the importance the Thai government gives to the enhancement of cooperation with Saudi Arabia in all areas, especially trade and investment.

I look forward to co-chairing the first STCC meeting later this year in Bangkok with His

Highness Prince Faisal bin Farhan Al Saud, the Minister of Foreign Affairs of the Kingdom of Saudi Arabia. The STCC is an important mechanism that encompasses 5 pillars of cooperation, covering all aspects of the bilateral relations from political and consular to security and military, from culture and tourism to trade and economic and investment. I am certain that the meeting will not only be a reflection of the two countries shared goodwill and commitment to work together, but will also be successful in pushing forward cooperation and achieve tangible results and elevate the Saudi – Thai cooperation to new heights.



World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.


Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
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Copper Falls, Set for Worst Week Since March on AI Rout

Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)
Copper at the Aurubis copper smelting and refining plant in Hamburg, Germany. (Reuters)

Copper dropped on Friday and was set for its biggest weekly drop in London since March, as a rout in technology stocks battered markets.

Benchmark three-month copper on the London Metal Exchange was down 1.3% at $13,663 a metric ton by 0700 GMT. That placed it on track to fall 3.44% in the week, Reuters said.

The most-traded copper contract on the Shanghai Futures Exchange fell 1.08% to 106,830 yuan ($16,018.17) a ton.

The weakness reflects worries over AI investment, ‌with copper increasingly ‌influenced by "sentiment towards data center expansion," said ‌Craig ⁠Lang, principal analyst ⁠at CRU.

Technology shares were battered after Democratic wins in the US midterms fueled concerns that new regulatory oversight could cap the AI buildout.

On the other hand, supply constraints cushioned copper's decline.

"I would be cautious about calling this a sustained correction, given ongoing mine supply challenges and exceptionally tight ⁠metal availability outside the US," Lang said.

Copper stocks ‌in SHFE-monitored warehouses <CU-STX-SGH> fell by ‌over 24% this week to just 33,848 tons — the lowest ‌in almost three years. The closely watched Yangshan copper ‌premium <SMM-CUYP-CN>, a gauge of appetite for imports into key consumer China, increased to $210 a ton on Thursday, matching its record high.

Smelters in the country are facing a double squeeze of negative treatment ‌charges and lower sulfuric acid prices.

Meanwhile, warehouse inventories outside the US have been drawn ⁠down as ⁠material was pulled into the country ahead of a potential tariff on imports of refined copper.

"These physical constraints should provide some support against weaker investor sentiment," Lang said.

Among LME metals, aluminium lost 0.54%, zinc lost 1.42%, lead lost 0.45%, nickel dipped 0.23% and tin gained 0.83%.

On the SHFE, aluminium nudged down only 0.04%, zinc lost 1.35%, lead was little changed, down only 0.03%, nickel rose 2.14% and tin dropped 3.45%.

SHFE inventories were down across the board this week, led by sharp drops in aluminium <AL-STX-SGH> and lead <PB-STX-SGH>.


Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
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Emerging Economies Set to Match Advanced Nations’ Renewable Capacity Additions, IEA Says

Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)
Workers walk at Kalyon Karapinar solar power plant in Karapinar, Konya province, Türkiye, Oct. 14, 2026. (AP)

Emerging ‌and developing economies outside China are expected to add as much new renewable energy capacity as advanced economies for the first time over the next five years, driven by the current energy crisis, the International Energy Agency said on Friday.

Gas and oil prices have soared this year as the US-Iran war disrupts traffic through the Strait of Hormuz, a key route for global oil and gas trade.

Global renewable energy ‌capacity is forecast ‌to increase by almost 4,800 gigawatts ‌between ⁠2026 and 2031, ⁠the IEA said in its annual outlook.

Emerging and developing economies are expected to add about 1,100 GW, roughly the same as advanced economies, with China adding around 2,550 GW, the agency said.

Capacity growth in Southeast Asia, Africa and the Middle East is ⁠expected to triple over the period, ‌led mainly by solar installations, ‌the IEA said.

China will remain the biggest contributor to ‌global renewable energy growth, although its share is ‌forecast to fall to 53% by 2031 from 60% in 2025.

India is emerging as the world's second-fastest deployer of renewables and is expected to more than double its contribution ‌to global growth by 2031 to nearly 8.5%.

Grid connection delays remain ⁠a major ⁠challenge, with projects awaiting connections worldwide rising 60% over the past year, equivalent to four times the wind and solar capacity connected to grids during the same period.

Grid constraints are expected to slow growth in advanced economies, with annual additions in Europe through 2031 forecast to remain broadly in line with 2025 levels.

Renewable energy is expected to meet 6% of global transport energy demand by 2031, while higher fuel-blending mandates prompted the IEA to raise its biofuels forecast by 40% from last year's report.