Investment-Saudi Arabia

Editorial team

Eight MOUs will be signed by Thai and Saudi business partners.
Investment and 150 Saudi businessmen to strengthen diplomatic ties and propel
concrete investment with constant momentum.

The Minister of Foreign Affairs joins the Eastern Economic Corridor Office (EECO) and the private sectors to welcome the Saudi Arabian Minister of Investment and more than 150 businesses. In the regard, eight MOUs will be signed by business partners during this visit.

The Thai economy will be strengthened through more than 500 business matching and future investment.

Deputy Prime Minister Don Pramudwinai and Minister of Foreign Affairs, and Mr Khalid Abdulaziz Al- Falih, Minister of Investment of the Kingdom of Saudi Arabia (MISA) yesterday chaired the opening of the “Thai – Saudi Investment Forum”, a forum which aims to strengthen diplomatic relations on both countries’ economic and integrate cooperation with the Ministry of Foreign Affairs (MFA), Eastern Economic Corridor Office of Thailand (EECO) and the Joint Standing Committee on Commerce, Industry and Banking.

On the other side, the Saudi Ministry of Investment (MISA) lead more than 150 Saudi businessmen together with the Thai private sector to announce Thailand's economic readiness and its investment opportunities conducted via business matching of both sides.

Mr. Narit Therdsteerasukdi, secretary general to the Board of Investment (BOI), Mr Kanit Sangsubhan, chairman of the Eastern Economic Corridor (EECO) Advisory, along with executives from the NCPO such as Mr. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, Mr. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI) and Mr. Payong Srivanich, chairman of Thai Bankers’ Association and representatives of Thai-Saudi business groups attended the event.

The Thai-Saudi Investment Forum is an important event to present both countries’ investment strategies along with the promotion of trade and various benefits to create joint investments between Thailand and Saudi Arabia.

Furthermore, it’s a platform for investors on both sides to discuss their business opportunities. As a result, the signing of 8 MOUs on trade and investment from the private sectors of Thailand and Saudi Arabia has been accomplished in the industry including of 1) Food Processing, 2) Business Construction, 3) Food, and 4) Beverage etc.

The event also focused on the targeted businesses of the EEC and Saudi Arabia such as wellness, construction smart city, and energy which are expected to drive the Thai-Saudi joint venture cooperation to become more concrete than ever before.

In addition, there will be more than 500 business matching activities for Thai and Saudi businessmen.

It’s expected that the new trade value will increase by 10% which will be equivalent to approximately US$ 800 million.

As well as doubling the number or business agreements or a total value of US$300 million by 2023. As a result, this will expand both countries’ investments in common target industries and enhance diplomatic relations to strengthen the two economies.
This event showcases Thailand's readiness to host APEC and the preparation for the reception of Prince Mohammed bin Salman Al Saud, Crown Prince and Prime Minister of Saudi Arabia.
Saudi Arabia is known to be a major investor in the world. In 2021, the GDP value reached about US$850 billion US dollars. The products that Thailand has the potential to export to Saudi Arabia include food and agricultural, rubber, textiles, apparel, electrical appliances, machinery, etc.
The industries that Thailand has the potential to invest in Saudi Arabia include health tourism, spas, construction materials, food processing.
Meanwhile, Saudi Arabia is interested in investing in Thailand in areas such as medical and health tourism (Wellness), new city construction, and e-mobility, petrochemical and renewable energy conversion industries, and investment in EECi innovation zone.
Organizing this event is considered an extension of the success of the Thai government which has elevated the level of diplomatic relations between the two countries starting from the official visit of General Prayut Chan-o-cha, Prime Minister to Saudi Arabia on January 25, 2022.
Furthermore, the meeting with the Crown Prince of Saudi Arabia led to the promotion of cooperation in all dimensions such as the signing of labor agreements by the Ministry of Labor which created opportunities for Thai workers to work and adopt new skills in Saudi Arabia legally.