Russian investors are eager to invest in high technology, aviation and innovative industries in the government's planned Eastern Economic Corridor (EEC).
Commerce Minister Apiradi Tantraporn said yesterday after a meeting in Bangkok with Alexey Gruzdev, Russia's deputy minister for economic development, that Russian investors are interested in the 10 targeted industries being promoted as clusters by the government.
The 10 targeted industries are next-generation cars; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital; and medical services.
Mrs Apiradi said Russia and Thailand also agreed to set up a joint working panel which includes Thailand's Board of Investment (BoI) to assist Russian investors.
She said Thailand has a geographical advantage, as it sits in the centre of Asean, which Russian investors can tap as a manufacturing hub and raw material supplying base to other Asean members and Asia.
In a move to boost bilateral trade and economic cooperation, Thailand is scheduled to hold a trade mission to Moscow in June and Vladivostok in September.
During the trade mission, Thailand will consider free trade agreement talks with the Eurasian Economic Union, which consists of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
Russia has a good long-time relationship with Thailand, and this year the two countries are scheduled to celebrate the 120th anniversary of their bilateral diplomatic relationship. Russia is currently Thailand's 32nd-largest trade partner.
In 2016, two-way trade between the countries amounted to US$42 billion (1.44 trillion baht), for which Thailand had a trade deficit of $809 million.
Key exports to Russia include automotive and parts, rubber products, gems and jewellery and canned fruits, while Thailand imports mainly crude oil, fertiliser and pesticide, steel and steel products and coal.
Thai companies that invest in Russia include Charoen Pokphand Foods. According to the BoI's statistics, 20 Russian projects with an investment cost of 2.2 billion baht secured BoI promotional privileges between 2012-16.
Those projects are mainly in chemicals, software, electronic parts and e-commerce.