Thai authorities are preparing to encourage entrepreneurs from Saudi Arabia to invest in S-curve industries here, following their earlier interest in the electric vehicle (EV) industry.
They plan to promote Thailand to prospective investors during a roadshow in Saudi Arabia, while also facilitating Thai companies seeking to expand their businesses to the Middle Eastern nation, said Narit Therdsteerasukdi, secretary-general of the Board of Investment (BoI).
Foreign Minister Maris Sangiampongsa will lead an entourage, including representatives from state agencies, the Federation of Thai Industries (FTI) and financial institutions, to Saudi Arabia from July 13-15.
"More than 10 memorandums of understanding to support future investment, trade and other cooperation projects between the two countries will be signed during the trip," said Mr Narit.
The BoI is scheduled to open its new branch in Saudi Arabia on July 14 to support Saudi and Thai businesses that want to embark on new investment projects overseas.
To further promote business cooperation between the two countries, the Thai government will also organise a Thai-Saudi investment forum, hoping to ease business matching among companies from the two countries.
Thailand and Saudi Arabia agreed in 2022 to restore diplomatic relations and exchange ambassadors for the first time in 32 years, following the first high-level meeting between the two countries since a row over a jewellery theft.
Former prime minister Prayut Chan-o-cha visited Saudi Arabia in January that year.
Around 100 Saudi business people visited the Eastern Economic Corridor (EEC) later in 2022.
The EEC is set to be a high-tech industrial hub, hosting 12 targeted S-curve industries, including new-generation cars and smart electronics.
During their visit, Saudi business people showed interest in five key industrial areas: EVs, advanced digital technology, health tourism, food processing and renewable energy.
The FTI earlier encouraged Thai companies to seek new business opportunities in Riyadh's ambitious plan to build the US$500-billion megacity of Neom.
The new city aims to depend less on oil and promote diverse businesses, which will be a new opportunity for Thai exporters, architects and interior designers.