During a recent official visit to Saudi Arabia for the ASEAN-Gulf Cooperation Council (GCC) Summit in Riyadh, progress was made in discussions about expanding trade and investment between Thailand and the oil-rich nation.
Thai Prime Minister Srettha Thavisin met with Saudi private sector leaders, including representatives from the Public Investment Fund (PIF), Saudi Arabian Oil Company (ARAMCO), and Saudi Arabia Basic Industries Corporation (SABIC).
Both nations emphasized the importance of strengthening private sector collaboration. They agreed on the mutual interest in enhancing trade and investment opportunities, particularly in sectors like tourism, clean energy, agriculture, petrochemicals, and fertilizers.
SABIC expressed a desire to expand cooperation with Thailand, specifically in the field of petrochemicals where they have expertise. Meanwhile, ARAMCO and Thailand’s PTT Public Company Limited have already signed a memorandum of understanding to further energy cooperation, and both companies hope to elevate their partnership in the future.
In addition, Saudi’s private sector is open to further investment in various sectors such as infrastructure and clean energy, aligning with Thailand’s government policies aimed at economic growth and environmental sustainability.
The Thai Prime Minister assured Saudi counterparts that Thailand has the economic potential to serve as a regional hub for Saudi investments. An invitation was extended to the Saudi private sector to visit Thailand for further discussions on potential collaborative opportunities.
During the visit, the Thai Prime Minister also presented Thailand’s Land Bridge project. PIF found the project promising and expressed interest in it. (NNT)
