Thailand accelerates Vision 2030 links, unlocking opportunities in Saudi market

Thai businesses are receiving a major boost in their push to expand into the Middle East following the TME Forum: Thailand–Saudi Bridge, held under the theme “Vision 2030 and Opportunities for Thai Businesses in Saudi Arabia” at the Al Meroz Hotel in Bangkok on Wednesday (November 19).

The event opened fresh economic perspectives and trade and investment avenues, with experts and industry leaders stressing that the revival of Thai–Saudi relations marks a “golden opportunity” that Thais should not overlook.

Saudi Arabia emerges as a top-tier target market 

Darm Boontham, Thailand’s Ambassador to Riyadh and Honorary Chair of the Thai Middle East (TME) Programme, opened the forum by emphasising that the Thai government has designated Saudi Arabia as one of its ten priority countries for trade and investment. 

He noted that the kingdom is the largest market in the region, with high purchasing power and strong growth potential.

Independent scholar Nitiphumthanat Ming-rujiralai observed that with traditional markets such as Europe and China slowing, the Gulf Cooperation Council (GCC) has become a “distinct economic arena” with substantial commercial capacity. He added that the restoration of Thai–Saudi relations three years ago represents a pivotal opportunity.

Rawee Tawantharong, Director of Strategic Communications & Domestic Corporate Relations at the TME Institute, said that in an era defined by geopolitical conflict and economic turbulence, Vision 2030 has become a crucial “solution”. 

As global economic gravity shifts towards the Middle East, where demand for goods remains exceptionally high, he described the Saudi market as a “must-enter” destination for Thai businesses seeking expansion.

Saudi Arabia’s Vision 2030 is built on three pillars: fostering a vibrant society, driving an empowered economy, and shaping a highly ambitious nation. Its overarching aim is to establish the kingdom as a regional hub for trade, economic activity and diplomacy. 

The strategy is now in the late stage of Phase 2 and preparing to move into Phase 3, which focuses on accelerating delivery. Notably, non-oil GDP is now approaching 60%.

The establishment of the Saudi–Thai Coordination Council (STCC) — which convened for the first time in more than four decades — is viewed as rebuilding a “major bridge” long missing from bilateral relations, creating new pathways for business engagement between the two nations.

Vital role of connectors and long-term partnership bridges

Experts agreed that entering the Saudi Arabian market alone is both difficult and risky, making it essential for Thai businesses to rely on formal “connectors” or institutional channels.

Dr Srawut Aree, Director of Academic and Research at the TME Institute and chair of the event, explained that the institute was established to build knowledge bridges, economic bridges and network bridges under the concept of “Connection to Empowerment”. Its mission, he said, is to equip Thai entrepreneurs with the confidence and structure needed to enter Middle Eastern markets effectively.

The TME Institute has already signed a cooperation agreement with the Saudi Ministry of Investment and is now expanding its network to the Riyadh Chamber of Commerce, laying the groundwork for a strong and enduring Thailand–GCC partnership framework.

Meanwhile, the Islamic Bank of Thailand (IBank) is positioning itself as a strategic connector and financial bridge. It is currently the only Thai bank able to conduct SAR transactions — direct transfers from baht to riyal — in compliance with Islamic finance principles, a mechanism that helps reduce currency-exchange volatility. 

IBank aims to serve as a bridge in four key areas: knowledge, finance, market entry and capital markets.

Thai businesses tap into high-growth sectors across the Saudi market

During the panel discussion, business leaders from multiple sectors shared practical insights on how Thai companies can position themselves effectively in Saudi Arabia.

• Construction: Teerayut Suksud, Managing Director of SCG International Arabia (LLC), noted that Riyadh is in the process of doubling its size, driving exceptionally high growth in the construction industry. SCG International Arabia, established in November 2023 with 100% Thai ownership, was set up specifically to support this expansion.
   
• Food and Packaging: As Saudi Arabia imports almost all of its food, demand in this sector is accelerating. The number of Thai restaurants in Riyadh alone has grown from just one to around 30 in the past two years. Chaiwat Nantiruj, CEO of Eka Global, highlighted the company’s expertise in barrier packaging, which extends food shelf life for up to two years without refrigeration — a crucial advantage for Thai exporters. He added that the packaging is fully recyclable, aligning with the sustainability objectives of Vision 2030.
   
• Digital Economy & Capital Market: Nauwarat Thamsauydee, CEO of Bitkub Ventures, emphasised that the digital economy is central to the transformation envisioned under Vision 2030. She proposed the use of blockchain technology to enhance transparency, especially through investment tokens — a fundraising model compatible with Islamic finance principles, as it is backed by real assets and returns are distributed via profit-sharing rather than interest. She stressed that Islamic finance serves as the foundation of financial trust in the region.

The tourism market also shows strong potential, as Saudi travellers have high purchasing power and are increasingly drawn to Thai culture. Visitor numbers have already surpassed initial targets (from a goal of 100 million to 115 million, with the target now raised to 150 million), underscoring growing demand.

Friendship and trust come before business

Ambassador Darm Boontham and business leaders repeatedly stressed one crucial principle: business relationships do not begin with contracts — they begin with friendship and trust. They emphasised that Thai entrepreneurs must first build genuine personal connections and develop a deep understanding of local contexts before moving into formal negotiations.

They noted that entering the Middle Eastern market under Saudi Arabia’s Vision 2030 is akin to accessing a long-locked “new treasure chest”. To unlock it, Thailand must build strong bridges of knowledge, economic cooperation and financial connectivity through official institutions and trusted intermediaries.

These bridges, they said, will empower Thai businesses to unlock their full commercial potential and secure long-term, sustainable growth in a high-demand market that is rapidly transforming and rich with opportunity.