Opening Remarks by
 H.E. Mr. Maris Sangiampongsa,
 Minister of Foreign Affairs of the Kingdom of Thailand
 At The Saudi-Thai Investment Forum
 14 July 2024, Riyadh, Kingdom of Saudi Arabia

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His Excellency Khalid al-Falih, Minister of Investment of the Kingdom of Saudi Arabia,

Distinguished Guests,

Ladies and Gentlemen,

A very good morning to all of you. It is a great pleasure to once again be back in the Kingdom of Saudi Arabia – a thriving market, an enduring partner, and a dear friend. Today, I am especially pleased and honored to join you in celebrating the inauguration of the Thailand Board of Investment Office here in Riyadh.

This inauguration ceremony is not an isolated milestone in the sea of our accomplishments between our two countries over the past two years. It stands as a testament of our continuedcommitment and determination to transform our Thai-Saudi friendship into a partnership for prosperity according to the missions of our two leaders.

Indeed, much has been done in just these past two years to bridge the gap and strengthen the engagement between our two Kingdoms and peoples.

Our flourishing cooperation has already spanned across various fields and sectors. Allow me to highlight just a few of our collective successes thus far, as well as suggest key areas where we can work together, particularly on trade and investment, to forge an even more robust cooperation, ensuring an even  stronger partnership in the years to come.

The frequent exchange of high-level visits and meetings in various forums, most recently at the ASEAN-GCC Summit in October 2023, which my Prime Minister attended, reflects the continued importance we attach to each other -- at the highest level. In this regard, I look forward to welcoming the Saudi delegation to Bangkok later this year for the inaugural Saudi - Thai Coordination Council. This meeting will constitute another important driving force in propelling our relations forward across five encompassing pillars of cooperation.

On the economic front, Thailand views Saudi Arabia as a vital trading partner for our region and beyond. I am pleased to note that last year alone, bilateral trade between Thailand and Saudi Arabia reached new heights -- amounting to 8.8 Billion USD, consisting of nearly 22% of Thailand’s total trade with the Middle East.

I am certain that this impressive number will certainly be boosted even further by the recent bilateral Memorandum of Understanding between Thailand’s Ministry of Commerce and the General Authority of Foreign Trade of Saudi Arabia. The agreement also sends a strong signal of our collective commitment and our governments’ decision to continue exploring ways and means to facilitate trade and economic cooperation.

While our trade volume continues to expand, and our cooperation in other fields continue to deepen, we keenly look forward to capitalising on this momentum even further, especially through discussing the possibility of the regional Free Trade Agreement with the Gulf Cooperation Council. This Agreement not only reflects our shared resolve in promoting increased trade and investment, but our mutual desire in working to unlock even more doors of progress, and open even more channels of opportunities for both our countries and our regions. 

On investment, I am pleased to note that our joint efforts on investment promotion are making strong headways. In 2022, Thailand and Saudi Arabia signed the Memorandum of Understanding on Cooperation in the Promotion of Direct Investment, which has served as a solid platform to ease and facilitate investments, especially on our already agreed upon joint investment initiatives in finance, digital and creative industries.

Beyond our government to government cooperation, our private sector cooperation has also been equally vibrant and dynamic. In particular, we are excited to highlight the success of last year's International Mega Fair, led by the Thai Chamber of Commerce, which saw over 30 Thai businesses showcasing more than 1,000 products from 200 brands, notably promoting Thailand in Saudi Arabia. 

Building on this success, we are pleased to announce the International Mega Fair 2024 in Riyadh, scheduled for November 2024. This year's event will focus on promoting trade in an array of high-potential sectors, and will showcase Thailand’s diverse and innovative industries, ranging from construction materials, hospitalities, to defense technology among others. I am sure that our investment representatives present here today stand ready to closely work with our Saudi counterparts going forward. 

Excellency,

Ladies and Gentlemen,

Saudi Arabia’s Vision 2030 remains one of the benchmark strategies for a holistic country-wide reform agenda. Thailand stands ready to align our bilateral investment strategies to complement that of Saudi Arabia’s, for your prosperity and successes can only complement ours. Whether it be through our Ignite Thailand Vision, which aims to establish Thailand as a hub in 8 key areas, or through our Bio-Circular Green Economy Agenda to shift towards a clean and sustainable economy; there are endless opportunities for us to explore and potentials for us to fulfil.  

Of course, as both our nations are located strategically at the crossroads of continents, we recognise that connectivity and efficiency are part and parcel of any feasible development strategy. That is why as part of our plan, Thailand launched our flagship Landbridge Project which will connect the Gulf of Thailand with the Andaman Sea and the Indian Ocean. This bold initiative will reduce commuting time and costs by 15 percent. Thailand is open for business and this mega project working with our aforementioned strategy will position Thailand much like Saudi Arabia as a vibrant, thriving, and ambitious hub for our respective regions as a whole. While Thailand is invested in continuing to look to Saudi Arabia for new possibilities, our positioning will also equally offer prime opportunities for Saudi investors to play a role in Thailand’s key industries and infrastructure, and take part in the development of a prosperous future together. 

Excellency,

Ladies and Gentlemen,

If the past two years are any indication of all the milestones we have achieved together ever since the normalisation of our diplomatic relations, I am excited to imagine what we can accomplish together in all the years ahead. And although I have been in Riyadh for just a few days, I have learnt of a famous Arabic idiom loosely translated to “Those who strive, shall find.” So going forward, let us strive together to find more wellsprings of opportunities. Let us strive together to open more doors of possibilities, as we shall strive together to find an oasis of a partnership for prosperity in the relations between our two Kingdoms.

Thank you very much, Shukran.

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