In a significant move to enhance economic ties, Thailand’s Board of Investment (BOI) is set to open its first branch in Saudi Arabia on July 14, 2024. The new office, located in Riyadh, marks the BOI’s 17th overseas office and the first in the Middle East.

The opening ceremony will see participation from Foreign Minister Maris Sangiampongsa and over 70 dignitaries from both public and private sectors. This event coincides with the “Thai-Saudi Investment Forum,” where more than 10 memorandums of understanding (MOUs) are expected to be signed, aimed at fostering stronger cooperation agreements between the two nations.

BOI Secretary-General Narit Therdsteerasukdi emphasized the office’s dual role in attracting investments to Thailand and supporting Thai entrepreneurs looking to invest in the Middle East. This move is part of the broader effort to leverage the restored diplomatic relations between Thailand and Saudi Arabia, which have seen rapid development since 2022.

The Riyadh office will play a crucial role in capitalizing on Saudi Arabia’s Public Investment Fund (PIF), which targets Southeast Asia, including Thailand, as part of its Saudi Vision 2030 initiative. The PIF’s interest in Thailand’s digital innovation, health tourism, agriculture, renewable energy, and modern automobile sectors aligns with the country’s strategic goals.

The BOI office is expected to facilitate increased investment flows, positioning Thailand as a gateway for Saudi investments into the ASEAN region. Conversely, Thai businesses will gain access to the lucrative Middle Eastern market, with its substantial population and high purchasing power.

This initiative highlights the potential for Thailand and Saudi Arabia to serve as mutual hubs for economic expansion, driving growth and fostering stronger bilateral trade and investment relations.