Thai-Saudi roundtable underlines trade and investment opportunities
Thailand and Saudi Arabia have confirmed their commitment to support the private sectors of both nations through trade and investment until they achieve their objectives, as the two countries mark the first anniversary of the normalisation of diplomatic relations.
The remark was made during a roundtable discussion hosted by the Saudi Arabi Investment Ministry in Riyadh on Wednesday.
During his opening remarks, Saudi Arabia Investment Minister Khalid Abdulaziz Al-Falih said that the roundtable aimed to facilitate both countries' private sectors in updating collaboration in six industries: green hydrogen, petrochemicals, construction materials and packaging, agriculture and food, gaming and e-sports, tourism, wellness and hospitality.
He added that he anticipates a high level of investment and prosperity from Thai and Saudi companies.
He also promised assistance for Thai businesses with regulations, licensing, funding, and finance so that Thai and Saudi businesses can share their expertise and benefits in improving industries on both sides, particularly Thailand's small and medium enterprises and start-ups.
Thailand is one of Saudi Arabia's most important trade and investment partners, with the value increasing by around 40% in 2022, just a year after the two nations normalised diplomatic relations, he noted.
Thailand's deputy prime minister and foreign affairs minister, Don Pramudwinai, expressed gratitude to the host and welcomed all private sector participants to the forum as the countries continue to pave new paths for bilateral cooperation.
“Two engines of growth working in tandem bodes well for the future of shared prosperity for our peoples," he said.
Don also emphasised the significance of the two countries' collaboration as one of the major national strategies to address global uncertainties and climate change, which is the most serious threat and one that no nation can solve on its own.
He then mentioned Thailand's new business model, the Bio-Circular-Green economy (BCG), as another great opportunity for Thailand to assist Saudi Arabia in meeting its sustainability goals.
"I encourage all participants to actively engage in the discussions, share insights, and contribute to frank and open dialogue as we forge ahead with our partnerships, and explore new avenues, opportunities, and synergy for cooperation. Our determination and commitment are key to overcoming challenges and seizing the immense potential that lies ahead in our bilateral relationship," Don said.
The event continued with brief presentations from both parties' private sectors, ACWA Power, Saudi Arabia's Basic Industries Corporation (SABIC), Saudi Agricultural and Livestock Investment Company (SALIC), PTT, EGAT, Siam Cement Group, Charoen Pokphand Group, and Health and Wellness Management among them.
The presentations demonstrated the progress of the collaboration as well as the challenges. Companies in the Tourism, Wellness, and Hospitality sectors presented concrete business plans to co-invest and build a wellness centre by the end of this year, and to begin construction on the Abha skywalk in the second quarter of 2024.
According to Investment Minister Al-Falih, the latter project will become an exceptional tourist destination for Saudi Arabia and the region.
Meanwhile, one of the participants, HRH Prince Faisal bin Bandar bin Sultan Al Saud, president of the Saudi Arabian Federation for Electronic and Intellectual Sports, expressed an interest in collaborating with Thailand's e-sports.
He noted that E-Sport is part of his country's Vision 2030 national strategy, which aims to be a new engine of growth and job creation for future generations.
The two countries signed a memorandum of understanding (MOU) in September 2022 and are looking into developing infrastructures, ecosystems, and talent in the industry with the Thailand E-Sports Federation.
According to Vision 2030, Saudi Arabia aims to have more than 250 world-class game companies in the country with market values of more than 50 billion riyadh and to have created more than 400,000 jobs.
The overall atmosphere of the roundtable was optimistic, with Saudi’s Minister of Investment repeatedly reiterating his firm commitment to turn these collaborations into actual actions.
He insisted that the benefits for the two countries are too great to ignore, and that the Saudi government will do everything possible to make it a reality.
Before concluding the session, he expressed his interest in Thailand's healthcare industry, about which he gained firsthand knowledge while visiting the country last year.
Thailand's healthcare industry is surprisingly better than that of the United States and some European countries, he claimed. Other than tourism and wellness, it is one of Thailand's potential industries.
Saudi Arabia is now looking into ways to enhance collaboration with Thailand's healthcare sector, such as training and recruiting Thais to work in Saudi Arabia, he said.
