RIYADH: Saudi Arabia and Thailand are expanding their economic ties with the opening of Thailand’s first Board of Investment (BOI) office in Riyadh. This new office will improve the ties between the private sectors of the two countries.
Speaking at the Saudi-Thailand Investment Forum, the Minister of Investment Khalid Al-Falih stressed the importance of the new office pointing out that the trade between both countries has gone up to $8.8 billion in 2023 from $7.5 billion in 2022. Al-Falih emphasized that the establishment of the new office will prompt continued growth in trade and investments, especially of sectors such as agriculture, processed food, renewable energy, healthcare and automotive industries.
Thailand’s BOI office will target 13 Middle Eastern countries and is a part of Thailand’s strategy to encourage investment from the region. The office will also offer services to Saudi investors who want to expand their businesses in the Southeast Asia.
The forum also included signing 11 agreements between Thai and Saudi business entities, particularly energy, infrastructure, agriculture and other sectors. Thailand’s Minister of Foreign Affairs, Maris Sangiampongsa announced that the upcoming International Mega Fair 2024 is set to be held in November. This event will encourage exports in various industries including construction materials, hospitality, and defense technology.
Recent investment growth in Thailand has mainly been attributed to huge direct foreign investment in green industries, automobile, electronic and digital industries. The new BOI office is expected to build on this momentum and guarantee mutual economic advantage to both the countries.
