Investment/Saudi Arabia

Chatrudee Theparat

Thailand and Saudi Arabia signed five MoUs

Saudi Arabia and Thailand signed five memorandum of understandings (MoUs) to strengthen relations covering on economic, political and social issues.

MoUs were signed yesterday among relate agencies and witnessed by Prime Minister Prayut Chan-o-cha and Crown Prince of Saudi Arabia, His Royal Highness Mohammad bin Abdullaziz during his official visit to Thailand for the November 18-19 Asia-Pacific Economic Cooperation (APEC) Summit.

The cabinet on November 8 approved three MoUs drafts. The first MoU seeks to build understanding on the establishment of a cooperation council which will be chaired by foreign affairs minsters of both countries.

The council will seek to cooperate on all relevant aspects including the formation of a working panel and the issuance of regulations.

The second MoU is aimed to strengthen investment opportunities such as the exchange of information on investment regulations, business doing.

Two countries would implement necessary measures to facilitate investors with sufficient protection at stipulate in the agreement.

The third is aimed to cooperate in political affairs and security issues, such as waving visa checks for holders of diplomatic, special and official passport and finding a potential location for the establishment of Saudi Arabia embassy in Bangkok.

Two more MoUs are mutual cooperation in energy which also covers the development of the renewable economy, low-carbon technology and promotion of energy innovations, and the other is related to tourism cooperation.

Both countries also focused on the export of products including petrochemicals, food and retail products, construction materials and labour recruitment agreements.

The cabinet on November 15 also gave the greenlight visa exemption MoU for Thais and Saudis with diplomatic, official and special passports.

The visa free entry is for transit or stays of up to 90 days during any 180 days period from the date of entry, on the condition that the passport holders do not work in Thailand or Saudi Arabia.

In a related development, Gen Prayut yesterday opened the APEC leader Summit with a call for balance, inclusivity and sustainable growth for countries in Asia-Pacific region, as envisaged in Thailand’s Bangkok Goals for a bio-circular-green (BCG) economy.

Gen Prayut said he wanted the APEC Summit to discuss ways in which leaders can help transition to sustainable economic growth and development.

They are also expected to address climate change and free, fair and sustainable trade and investment.

Gen Prayut will chair the 29th APEC Leader Summit on November 19 under the title “Sustainable Trade and Investment.”