The latest investment roadshow in Saudi Arabia has led to new opportunities as up to 100 pairs of Thai and Saudi entrepreneurs agreed to forge business partnerships, says the Board of Investment (BoI).
The business matching was made during a Saudi-Thai investment forum, held as part of a three-day roadshow which ended on July 15.
The cooperation is expected to enhance bilateral trade and investment between the two countries to help them reach their full potential, said Narit Therdsteerasukdi, secretary-general of the BoI.
Last year, the value of trade between Thailand and Saudi Arabia stood at US$8.8 billion, which accounted for nearly 22% of Thailand's total trade with the Middle East.
"Thailand and Saudi Arabia are important business hubs in their regions," said Mr Narit.
"We hope investors from Saudi Arabia and the Middle East will consider making Thailand an investment base to expand their businesses into Asean and take advantage of Thailand's membership of the Regional Comprehensive Economic Partnership [RCEP] agreement," he said.
The RCEP trade pact, which came into effect on Jan 1, 2022, has 15 members, including 10 countries within Asean and five regional countries with free-trade agreements with Asean, namely China, Japan, South Korea, Australia and New Zealand.
Mr Narit said Thailand supports key industries including electric vehicles, food processing, medical devices and renewable energy.
The Srettha Thavisin government also wants to promote the Land Bridge project, although it has drawn opposition from local conservation groups.
The Land Bridge development comprises a logistics network connecting Ranong on the Andaman Sea to Chumphon on the Gulf of Thailand. The project would have deep-water ports in both provinces, a motorway cutting across the land to connect the two provinces, and a railway system.
During the roadshow held in Saudi Arabia, Thai and Saudi companies signed 11 memorandums of understanding, covering cooperation in areas including energy, infrastructure, engineering, agriculture and forestation.
"The BoI believes there is a strong potential for investment and cooperation in several key sectors," said Mr Narit.