Thailand woos Saudi investors with EV sector opportunities

Thai officials are set to attract Saudi Arabian entrepreneurs to invest in Thailand’s S-curve industries, particularly following their interest in the electric vehicle (EV) sector.

Efforts to promote Thailand to potential investors will take place during a roadshow in Saudi Arabia, while also supporting Thai businesses aiming to expand into the Middle East, according to Narit Therdsteerasukdi, Secretary-General of the Board of Investment (BoI).

Foreign Minister Maris Sangiampongsa will lead a delegation, including representatives from state agencies, the Federation of Thai Industries (FTI), and financial institutions, to Saudi Arabia from July 13 to July 15,said Narit.

“More than 10 memorandums of understanding to support future investment, trade, and other cooperation projects between the two countries will be signed during the trip.”

The BoI plans to inaugurate a new branch in Saudi Arabia on July 14 to assist Saudi and Thai businesses interested in launching new investment projects overseas.

To further foster business collaboration between the nations, the Thai government will organise a Thai-Saudi investment forum to facilitate business matching among companies from both countries.

In 2022, Thailand and Saudi Arabia agreed to restore diplomatic relations and exchange ambassadors for the first time in 32 years, following a high-level meeting that ended a long-standing rift over a jewellery theft. Former Prime Minister Prayut Chan-o-cha visited Saudi Arabia in January of that year.

Later in 2022, approximately 100 Saudi businesspeople visited Thailand’s Eastern Economic Corridor (EEC), which is poised to become a high-tech industrial hub hosting 12 targeted S-curve industries, including new-generation cars and smart electronics.

During their visit, Saudi businesspeople expressed interest in five key industrial sectors: EVs, advanced digital technology, health tourism, food processing, and renewable energy, reported Bangkok Post.

Previously, the FTI urged Thai companies to explore new business opportunities in Riyadh’s ambitious plan to develop the US$500 billion megacity of Neom. The new city aims to reduce dependence on oil and promote various businesses, presenting new opportunities for Thai exporters, architects, and interior designers.