Trade Thailand opens investment office in Saudi Arabia By Megha Merani July 12, 2024, 12:23 PM SPA Thailand's consul general Kitinai Nutakul visits the Saudi Ministry of Foreign Affairs in Jeddah Thai foreign minister to visit Healthcare, tourism, food targeted Diplomatic relations restored in 2022 Thailand’s Board of Investment (BOI) is opening its first Middle East office in Saudi Arabia, signaling a deepening of economic ties between the nations after a longstanding diplomatic spat. The office will focus on attracting Saudi investment into Thailand’s targeted industries and supporting Thai entrepreneurs looking to invest in the region, the BOI said in a press statement. The collaboration aligns with Saudi Arabia’s Vision 2030, which is driven by the Public Investment Fund (PIF), one of the world’s largest sovereign wealth funds, and its strategy to diversify away from oil dependence. NewsletterGet the Best of AGBI delivered straight to your inbox every week PIF has shown interest in Thailand’s target industries, including digital and advanced innovation businesses, health tourism, healthcare, agriculture and processed foods, renewable energy and automobiles. More than 10 memorandums of understanding between Thailand and Saudi Arabia are expected to be signed when the Thai foreign minister, Maris Sangiampongsa, visits Riyadh to open the new office next week. “Thailand and Saudi Arabia have the potential to serve as twin hubs for each other,” BOI secretary-general Narit Therdsteerasukdi said, suggesting that the kingdom could use Bangkok as a springboard to the Asean region under the regional comprehensive economic partnership. Philippines is next stage of UAE’s Asean trade push Riyadh to host first GCC-Asean investment summit Etihad doubles flights as GCC-Thailand trade blossoms Thai businesses are positioned to leverage Saudi Arabia’s economic clout to tap into the broader Middle East market, which boasts a large and affluent consumer base, he said. Thailand and Saudi Arabia agreed in 2022 to restore diplomatic relations and exchange ambassadors for the first time in 32 years, after a dispute over a jewellery heist in 1989 known as the Blue Diamond Affair. Since then, the two governments have organised several bilateral visits and increased investment interest between the two countries. The UAE is Thailand’s largest Gulf trading partner. However, the London-based Asia House think tank said it expected restored diplomatic ties to boost Thai trade with Saudi Arabia, which grew 38 percent in 2023 to about $10 billion. The countries are aiming to increase bilateral trade by 20 percent annually in 2024 to reach $12 billion.
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