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Thailand’s BOI opens first Saudi branch amid growing ties

Photo courtesy of The Nation

Thailand’s Board of Investment (BOI) will inaugurate its first branch in Saudi Arabia this week, signalling a new chapter in economic relations between the two nations. The new office in Riyadh, opening this Sunday, July 14, marks a significant step in fostering investment and business growth.

This strategic expansion has drawn high-profile attendees, including Foreign Minister Maris Sangiampongsa and over 70 dignitaries from various sectors, for the opening of the BOI’s 17th overseas office. Highlighting the significance of this event, BOI secretary-general Narit Therdsteerasukdi revealed plans for the delegation to engage in the Thai-Saudi Investment Forum and business-matching negotiations.

“The delegation comprises executives from government agencies, financial institutions, the Thai Chamber of Commerce, the Federation of Thai Industries, and leading Thai companies. We anticipate the signing of over 10 memorandums of understanding (MOUs) between Thailand and Saudi Arabia, aimed at bolstering cooperation agreements.”

As the first BOI Office of Overseas Investment Economics in the Middle East, the Riyadh branch will be instrumental in attracting investments in target industries to Thailand and aiding Thai entrepreneurs interested in the Middle East market.

“This office will foster tangible results in cooperation and investment between the two countries.”

Diplomatic relations between Thailand and Saudi Arabia have flourished since their restoration in 2022. The two governments have conducted over 10 bilateral visits and intensified cooperation through various committees, leading to increased investment interest. This development aligns with Saudi Arabia’s Public Investment Fund (PIF) initiative to boost global investments as part of Saudi Vision 2030.

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The PIF has identified Thailand’s key industries—digital innovation, health tourism, healthcare, agriculture, renewable energy, and modern automobiles—as areas of special interest, reported The Nation.

“Saudi Arabia could use Thailand as a base to penetrate the ASEAN market, leveraging the Regional Comprehensive Economic Partnership. Conversely, Thai businesses can access the Middle Eastern market, benefiting from Saudi Arabia’s economic prominence and vast consumer base.”

Economy NewsThailand News

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