The government and the private sector of Saudi Arabia will invest more than 300 billion baht (US$8.56 billion) in Thailand in 2023.
Saudi investors intend to invest in various target industries in Thailand’s Eastern Economic Corridor (EEC), such as tourism, medical care, energy, petrochemicals, construction, and construction materials.
The Saudi investment was a result of the restoration of diplomatic relations between Thailand and Saudi Arabia and the recent official visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, to Thailand during the Asia-Pacific Economic Cooperation (APEC) Forum.
Moreover, various groups of Saudi investors also visited the EEC and showed their interest in investing in digital innovations, medical tourism, precision medicine, food and food processing, clean energy, and electric vehicles (EV).
The EEC Policy Committee believed that Thailand would become the regional EV production hub in the future, as several EV manufacturers have decided to select Thailand as their production base. As a result, Thailand will have greater potential for the production of automotive parts and the development of personnel in the auto industry.
The Thai government has a policy to develop major infrastructure projects and this would attract foreign investment, enhance the country’s competitiveness, and drive the Thai economy’s sustainable growth. (NNT)