Riyadh - Sharikat Mubasher: Thailand Board of Investment (BOI) opened its first office in the Middle East in Riyadh, in a move to facilitate broadening investment and business ties between Saudi Arabia and Thailand, a recent statement revealed.

The opening ceremony was held on the sidelines of the Saudi-Thialand Investment Forum in the presence of Saudi Minister of Investment Khalid Al Falih and Thailand’s Foreign Minister Maris Sangiampongsa, in addition to 70 representatives of the public and private sectors.

Through the Riyadh office, BOI aims to foster Thai entrepreneurs interested in investing in the Middle East and attract investment in target sectors in Thailand including automotive, renewable energy, health tourism, healthcare, agriculture, and food processing.

Narit Therdsteerasukdi, Secretary General of BOI, said: "The opening of the BOI office in Saudi Arabia this time would help build cooperation and drive investment between them to have more concrete results.”

He clarified that Saudi Arabia and Thailand are set to sign more than 10 memoranda of understanding (MoUs) to strengthen bilateral cooperation.

"Thailand and Saudi Arabia have the potential to serve as twin hubs for each other. Saudi Arabia may consider using Thailand as an investment base to expand its business into the ASEAN region and capitalize on the Regional Comprehensive Economic Partnership agreement, the world's largest free trade area,” Therdsteerasukdi elaborated.

It should be mentioned that the Thai mission encompasses executives from government agencies, financial institutions, the Thai Chamber of Commerce, the Federation of Thai Industries, and top Thai companies.