Thailand eyes jump in trade with Russia

Economy May 17, 2016 01:00


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THAILAND AIMS to set a target of a five times increase in bilateral trade within five years during Prime Minister Prayut Chan-o-cha’s visit to the country this week, according to Commerce Minister Apiradi Tantraporn.

The four-day visit starts today.
Apiradi said Thailand would participate in a special session of the Asean-Russia Summit, while a bilateral discussion would take place between Prayut and Russian President Vladimir Putin and Russian Prime Minister Dmitry Medvedev. 
At the summit, three sets of |document will be ratified includ-|ing an action plan to strengthen bilateral ties between Asean and Russia and a recommendation report of a group of experts involving the Asean-Russia strategic partnership.
Apiradi said that the ministry’s other key issues were an initiative involving the Eurosian Economic Union and a memorandum of understanding for the expansion of trade and economic cooperation between Thailand and Russia.
Prayut will lead more than 30 major private enterprises in meeting with some 100 Russian private enterprises tomorrow at the Thai-Russian Business Dialogue.
They aim to convince Russian companies to invest in Thailand, said Hiranya Sujinai, secretary-general of the Board of Investment. 
The Thai private enterprises cover sectors such as food, rubber, electronics and finance.
“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.
Russian businesses are mostly involved in Thailand’s tourism sector and small-sized operations in others sectors, particularly software and digital content. 
Russia is Thailand’s largest Eurasia trade market. Trade between the two countries totalled US$2.35 billion (Bt83 billion) in 2015. 
Thai exports to Russia include automobiles and auto parts, rubber products, jewellery and processed fruits. 
Eurasia also includes Kazakhstan, Belarus, Armenia and Kyrgyzstan.

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