Thailand, Russia to boost bilateral trade to $10 billion

Reading Time: 2 minutes
Russia's PM Medvedev speaks with Thailand's PM Prayuth during a news conference at the Government House in Bangkok
Showing the way: Russian Prime Minster Dmitry Medvedev and his Thai counterpart Prayuth Chan-o-cha

Thailand and Russia expect bilateral trade turnover to rise to $10 billion a year, Russian Prime Minster Dmitry Medvedev said after meeting his Thai counterpart Prayuth Chan-o-cha on May 18 in St. Petersburg.

“Despite the fact that Thailand is our second biggest ASEAN trading partner, the volume of Russian-Thai trade  has decreased,” Medvedev said.

“Of course, that is connected to the current price environment and the exchange rate of the Russian ruble. But in the future, we must reach the goal agreed during my trip to the Kingdom of Thailand — $10 billion in annual trade,” he added.

Thai Minister of Commerce Apiradi Tantraporn said Russia and Thailand wanted to achieve a five-fold increase in bilateral trade over the next five years. She also noted that Thailand regards increases in bilateral trade and investment, developing cooperation initiatives between ASEAN and Russia as well as Thailand and the Eurasian Economic Union as key priorities.In 2015, the volume of Russian-Thai trade reached $2.35 billion.

Among the deals that were realised during Prayut’s trip to Russia were some defense deals, namely the agreed purchase of tanks and a barter deal for helicopters.

Prayut led more than 30 major private enterprises from sectors such as food, rubber, electronics and finance. in meetings with some 100 companies at the Thai-Russian Business Dialogue. They aim to convince the Russians to invest in Thailand, said Hiranya Sujinai, secretary-general of the Board of Investment.

“Russia has high potential in scientific and technological advancement and innovation. We want to invite Russia’s business groups to invest more in Thailand,” Hiranya said.

The agriculture ministries of the two countries adopted a memorandum of understanding of cooperation in food trade, and a similar document was signed by the heads of Russian and Thai nature resources ministries and also Russia’s Economic Development Ministry and Thailand’s Ministry of Commerce.

Russia’s agricultural watchdog Rosselkhoznadzor and Thailand’s fisheries department signed a memorandum of understanding on controlling safety of imported and exported fish products.

Russia’s financial monitoring service signed an agreement on countering money laundering involving both countries.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 2 minutes

Showing the way: Russian Prime Minster Dmitry Medvedev and his Thai counterpart Prayuth Chan-o-cha

Thailand and Russia expect bilateral trade turnover to rise to $10 billion a year, Russian Prime Minster Dmitry Medvedev said after meeting his Thai counterpart Prayuth Chan-o-cha on May 18 in St. Petersburg.

Reading Time: 2 minutes

Russia's PM Medvedev speaks with Thailand's PM Prayuth during a news conference at the Government House in Bangkok
Showing the way: Russian Prime Minster Dmitry Medvedev and his Thai counterpart Prayuth Chan-o-cha

Thailand and Russia expect bilateral trade turnover to rise to $10 billion a year, Russian Prime Minster Dmitry Medvedev said after meeting his Thai counterpart Prayuth Chan-o-cha on May 18 in St. Petersburg.

“Despite the fact that Thailand is our second biggest ASEAN trading partner, the volume of Russian-Thai trade  has decreased,” Medvedev said.

“Of course, that is connected to the current price environment and the exchange rate of the Russian ruble. But in the future, we must reach the goal agreed during my trip to the Kingdom of Thailand — $10 billion in annual trade,” he added.

Thai Minister of Commerce Apiradi Tantraporn said Russia and Thailand wanted to achieve a five-fold increase in bilateral trade over the next five years. She also noted that Thailand regards increases in bilateral trade and investment, developing cooperation initiatives between ASEAN and Russia as well as Thailand and the Eurasian Economic Union as key priorities.In 2015, the volume of Russian-Thai trade reached $2.35 billion.

Among the deals that were realised during Prayut’s trip to Russia were some defense deals, namely the agreed purchase of tanks and a barter deal for helicopters.

Prayut led more than 30 major private enterprises from sectors such as food, rubber, electronics and finance. in meetings with some 100 companies at the Thai-Russian Business Dialogue. They aim to convince the Russians to invest in Thailand, said Hiranya Sujinai, secretary-general of the Board of Investment.

“Russia has high potential in scientific and technological advancement and innovation. We want to invite Russia’s business groups to invest more in Thailand,” Hiranya said.

The agriculture ministries of the two countries adopted a memorandum of understanding of cooperation in food trade, and a similar document was signed by the heads of Russian and Thai nature resources ministries and also Russia’s Economic Development Ministry and Thailand’s Ministry of Commerce.

Russia’s agricultural watchdog Rosselkhoznadzor and Thailand’s fisheries department signed a memorandum of understanding on controlling safety of imported and exported fish products.

Russia’s financial monitoring service signed an agreement on countering money laundering involving both countries.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid