Bank president Apichai Boontherawara said that following a series of financial and fiscal reforms along with trade and investment liberalisation and privatisation since 1992, domestic demand and per capita income of the Russian people had increased substantially, in turn fostering economic growth. But, to succeed in Russia, which can be a gateway to central Asia and other markets, exporters and investors should meticulously study local consumer behaviour, preferences and demand.

"The increase both in purchasing power and increased health and beauty awareness among the Russian people has contributed to an upsurge in demand for Thai restaurants and spa services. In addition, with a climate generally unsuitable for crop cultivation, the Russian market offers a vast opportunity for Thai food exports to expand," Apichai said at a seminar entitled "Russia: Look before You Leap".

He said the bank was ready to collaborate with other agencies to expand Thai trade and investments in emerging markets as well as reduce trade barriers in traditional markets.