Deputy Secretary-General to the Prime Minister for Political Affairs and Acting Government Spokesperson Anucha Burapachaisri stated that bilateral investment between Thailand and Saudi Arabia has increased by 37.64 percent to 323 billion baht, following the restoration of diplomatic relations between the two countries in January 2022, when Prime Minister General Prayut Chan-o-cha visited Saudi Arabia.

Mr. Anucha said that the Thai government has continued to push for greater Thai-Saudi cooperation in various areas in order to elevate their bilateral relations to new heights. In November 2022, both countries signed several memoranda of understanding, such as those concerning cooperation in energy, investment, and tourism.

Regarding tourism, Thailand welcomed a total of 96,389 Saudi tourists in 2022, generating eight billion baht in tourism income for Thailand. In 2023, Saudi tourist arrivals are expected to reach 150,000, bringing in 12 billion baht. The number of weekly flights between the two countries has also increased.

Mr. Anucha also said that Deputy Prime Minister and Minister of Foreign Affairs Don Pramudwinai led a team, comprising representatives of the public and private sectors, to Saudi Arabia from 6 to 10 June 2023 to promote trade and investment cooperation, upon the invitation of Minister of Investment of Saudi Arabia Khalid bin Abdulaziz Al-Falih.  

According to the Ministry of Foreign Affairs, the Minister of Investment of Saudi Arabia emphasized some of the key factors and achievements resulting from the high-level exchange of visits between both sides. For instance, Thailand’s geographical location serves its political strategy and economic interests in ASEAN. Thailand's economic rapid recovery and resilience are another factor.

Saudi Arabia expressed its readiness to support the Thai private sector interested in investing and doing business in Saudi Arabia in potential sectors of both sides. Members of the public and private sectors from both countries had the opportunity to present the background information and exchange views on six potential sectors, including green energy, the petrochemical industry, construction materials and packaging production, agriculture and food, gaming and e-sports, and tourism and health services.

In addition, they also discussed ways to enhance trade and investment opportunities in such areas as banking, agriculture, food security, energy, petrochemicals, electric vehicles, construction, and healthcare.