On 13 December 2023, H.E. Mr. Parnpree Bahiddha-Nukara, Deputy Prime Minister and Minister of Foreign Affairs, had a bilateral discussion with H.E. Mr. Khalid Abdulaziz Al-Falih, Minister of Investment at a building of the Saudi Ministry of Investment in Oud Square. This meeting took place during the Deputy Prime Minister's official visit to Saudi Arabia to inaugurate the Thailand Mega Fair 2023, the largest exhibition featuring goods and services from over 120 Thai companies.

Following up on the Thai Prime Minister's recent visit to Saudi Arabia in October, Deputy Prime Minister touched upon many areas of bilateral collaboration, including two-way investment, the setting up of a BOI Office in Riyadh, cooperation and investment in energy sector, particularly green hydrogen that the Saudi side believes in Thailand’s potential as the green industry hub, as well as the Thai side's intention to have a Free Trade Area (FTA) Agreement between Thailand and the GCC. Both sides reaffirmed their commitment to work towards the signing of an Agreement for the Reciprocal Promotion and Protection of Investment to safeguard the increasing investments between the two countries.

On this occasion, the Deputy Prime reaffirmed the readiness of Thailand to host the first Saudi – Thai Coordination Council (STCC) meeting in January 2024, where Foreign Ministers of both countries will co-chair the meeting and the Ministry of Investment of Saudi Arabia will participate as the co-Head Committee of Economic and Trade under the STCC. The mechanism of the STCC has been established to propel the bilateral cooperation of the two Kingdoms into a new era.