Saudi Gazette report
RIYADH — The Thai Board of Investment (BOI) officially inaugurated its office in Saudi Arabia to capitalize on investment potential and regional cooperation.
This marks its first office in the Middle East, launched during the "Saudi-Thai Investment Forum" held in Riyadh on Sunday, with senior government officials and business leaders from both countries in attendance.
The forum explored opportunities to maximize bilateral trade and investment cooperation. BOI Secretary-General Narit Therdsteerasukdi presented on "Investment Strategy in Thailand and Business Promotion Opportunities."
Therdsteerasukdi highlighted that Thailand offers attractive opportunities for investors and aims to boost trade and investment in both directions. He emphasized that both Thailand and the Kingdom serve as significant commercial hubs with the capability to support each other in their respective regions.
Therdsteerasukdi added: "We hope that investors from Saudi Arabia and the Middle East consider Thailand as an investment base to expand business in the Association of Southeast Asian Nations (ASEAN) and benefit from Thailand's membership in the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade area."
He expressed hope that Thai companies will make their cooperation with partners in the Kingdom a cornerstone of their efforts to access Middle Eastern markets, which comprise 400 million people. In 2023, bilateral trade between the two countries reached approximately $8.8 billion, representing about 22% of Thailand's total trade with the Middle East.
The BOI office will cover 13 countries in the Middle East, including Bahrain, Qatar, Kuwait, Turkey, and the UAE. The Riyadh office is BOI's 17th international office, with two additional offices set to open in Chengdu, China, and Singapore in the coming months.
Therdsteerasukdi pointed out strong potential for investment and cooperation in several key sectors, including agriculture, processed foods, renewable energy, healthcare, medical services, and especially electric vehicles.
The forum witnessed the signing of 11 memorandums of understanding between Thai and Saudi companies, covering cooperation in energy, infrastructure, engineering, agriculture, and forestry. The Thai private sector was represented by executives from 28 companies, led by Commerce Council President Sanan Angubolkul and Federation of Thai Industries Vice President Chartchai Panichewa.
The Thai delegation held meetings with leading Saudi companies, including Saudi Aramco, the Saudi Agricultural and Livestock Investment Company (SALIC), and Seer Motors, Saudi Arabia's first electric vehicle brand.
Thailand's investment promotion applications reached their highest level in nine years in 2023, valued at 848.3 billion baht (approximately $24 billion), a 43% increase from the previous year's adjusted figure. This growth was driven by significant foreign direct investment in the five priority sectors of BOI's new investment promotion strategy.
The five key sectors are green industries, automotive (including electric vehicles), semiconductors and advanced electronics, digital and creative industries, and international business centers, collectively representing more than half of total investment commitments. Major sources of investment include China, Japan, Singapore, and the United States.
Investors choose Thailand for its strategic location at the heart of ASEAN, a common market in Southeast Asia with 10 countries and 670 million consumers, situated near China and India.
