Dubai: Thailand’s Board of Investment (BOI) is set to open its inaugural Middle East office in Riyadh, marking a significant step in strengthening economic relations between the two countries.
The new office will concentrate on attracting Saudi investments into targeted sectors of Thailand’s economy, while also providing support for Thai entrepreneurs seeking opportunities in the region, according to a BOI press release,
This initiative is aligned with Saudi Arabia’s Vision 2030, a transformative agenda spearheaded by the Public Investment Fund (PIF), one of the world’s largest sovereign wealth funds.
The Vision aims to reduce dependency on oil by diversifying investments, with particular interest in Thailand’s digital innovation, health tourism, healthcare, agriculture, processed foods, renewable energy, and automotive sectors.
During the upcoming opening of the office in Riyadh, Thailand's foreign minister Maris Sangiampongsa is expected to oversee the signing of more than 10 memorandums of understanding between the two countries.
Analysts at, trade relationships advisory company, Asia House anticipate that the renewed ties with Saudi Arabia will boost bilateral trade. In 2023 alone, trade between Thailand and Saudi Arabia increased by 38 per cent to approximately $10 billion (Dh36.7 billion). The countries are now targeting a further 20 per cent annual increase in bilateral trade in 2024, aiming to reach $12 billion (Dh44 billion).
