Thai Companies to Invest $36 Million in Saudi Arabia
Saudi Arabia and Thailand are set to strengthen their economic ties as eight Thai companies prepare to invest a combined $36 million in the Kingdom. Sanan Angubolkul, Chairman of the Thai Chamber of Commerce, announced the investment during the Saudi-Thai Business Forum in Riyadh. The forum was organized by the Federation of Saudi Chambers and took place during the official visit of Thailand’s Deputy Prime Minister and Minister of Foreign Affairs Don Pramudwinai. The two countries resumed diplomatic and economic relations in 2022, which has led to several commercial agreements valued at more than $300 million.
Investment Opportunities in the Energy and Crude-Oil Storage Industry
Angubolkul expressed his country’s readiness to cooperate with Saudi Arabia in the energy and crude-oil storage industry. This is significant as Saudi Arabia is the world’s largest oil exporter, and Thailand is one of the fastest-growing economies in Southeast Asia. The investment will help to strengthen the Kingdom’s position as a global energy leader while providing Thailand with access to a reliable source of crude oil.
Saudi-Thai Relations Witness Considerable Developments
The Saudi-Thai Business Forum discussed investment opportunities, the business environment, and formulated a plan to enhance Saudi-Thai economic cooperation. FSC President Hassan bin Mujib Al-Huwaizi highlighted the considerable developments in Saudi-Thai relations, including state visits by the two countries’ leaders, the establishment of the Saudi-Thai Coordination Council, and the Joint Business Council. Business council Chairman Sami bin Abdullah Al-Obaidi said that the Saudi business community is looking forward to establishing investment partnerships with Thailand, especially in light of the promising opportunities available in the two countries.
Saudi Arabia and Thailand: Growing Trade Exchange
The volume of trade exchange between Saudi Arabia and Thailand grew by 37 percent in 2022 to reach SR36.8 billion ($9.81 billion). Auramon Supthaweethum, Director General of Thailand’s Department of Trade Negotiations, told Arab News in November that the country could become Saudi Arabia’s “gateway” to Asian markets following Crown Prince Mohammed bin Salman’s visit to Bangkok as a special guest of the Thai government. The investment by Thai companies in the Kingdom will help to strengthen this relationship further.
Conclusion
The investment by eight Thai companies in Saudi Arabia is a significant development in the economic relationship between the two countries. It will help to strengthen the Kingdom’s position as a global energy leader while providing Thailand with access to a reliable source of crude oil. The Saudi-Thai Business Forum discussed investment opportunities, the business environment, and formulated a plan to enhance Saudi-Thai economic cooperation. The volume of trade exchange between Saudi Arabia and Thailand grew by 37 percent in 2022 to reach SR36.8 billion ($9.81 billion), and this investment will help to strengthen this relationship further. As Saudi Arabia continues to diversify its economy away from oil, partnerships with countries like Thailand will be crucial to its success.