Mr. Alexey Gruzdev, the Deputy Minister of Economic Development of the Russian Federation, headed a mission comprising representatives from Russia’s public and private sectors to visit Thailand during 20-22 February 2018. The mission consisted of 92 representatives (14 senior representatives from governmental economic agencies and 78 executives from 51 state enterprises and private companies) and was the largest Russian business mission ever to visit Thailand.  

             The Deputy Minister of Economic Development also paid courtesy calls on Mr. Somkid Jatusripitak, the Deputy Prime Minister of the Kingdom of Thailand, Mr. Uttama Savanayana, Minister of Industry, and Mr. Sontirat Sontijirawong, Minister of Commerce. He also met with Ms. Duangjai Asawachintachit, Secretary-General of the Board of Investment, and Dr. Kanit Sangsubhan, Secretary-General of the Eastern Economic Corridor (EEC) Office. The visiting Russian companies also had the chance to visit the EEC project in Chonburi and Rayong provinces in order to explore investment opportunities firsthand. They also participated in the Russia-Thailand Business Forum, which included business matching events, at the JW Marriott Hotel in Bangkok. 

             This Russian business mission visit was one of the major outcomes of the visit to Russia by H.E. General Prayut Chan-o-cha (Ret.), Prime Minister of the Kingdom of Thailand, in 2016 as well as the meeting between the Prime Minister and H.E. Mr. Vladimir Putin, President of the Russian Federation, during the 9th BRICS Summit meeting in China in September 2017. On both occasions, the Prime Minister extended an invitation to the Russian government to organise a business mission to explore investment opportunities in Thailand’s EEC project, which would help strengthen economic ties between the two countries. Such a business mission would also contribute to the achievement of the target to increase Thai-Russian trade turnover fivefold to reach 10 billion USD by 2020. 

              In 2017, Thai-Russian trade turnover totaled 3.13 billion USD (a 61.2 % growth) with Thailand exporting goods worth 1.035 billion USD and importing from Russia goods worth 2.095 billion USD. Russia is currently Thailand’s 29th trading partner. Russia’s industries which have strong potential for investment in the EEC project include, inter alia, digital technology, biotechnology, aviation and its maintenance, and railway infrastructure development.