Trade and investment between Russia and Thailand are expected to double in the next three years, but growth this year will likely be flat, says the Federation of Thai Industries.
Vice-chairman Kriengkrai Thiennukul said as the countries have vowed to strengthen economic relations, the value of trade and investment is projected to hit US$4 billion in the next three years.
This year, the figure will be on a par with last year at $1.9 billion, he said.
"The two countries have been strengthening economic relations over the last few years in many sectors. Successful achievements include waiving visas for Russian tourists in Thailand and Thai tourists visiting Russia," Mr Kriengkrai said.
Russia imports Thai products such as food, auto parts, garments and electronics and electrical products. Demand for packaging made of glass, steel and paper has also increased.
Russian people have acquired a real taste for Thai food and spa treatments. This provides a promising opportunity for Thai operators in Russia, where many businesses are operated by Indian and Vietnamese competitors.
Russia's abundant supply of oil, gas, coal and steel fit with the demand from energy-hungry countries such as Thailand, where oil and gas resources are depleting.
Prime Minister Yingluck Shinawatra will lead a group of businessmen to visit Russia in early December to cement economic relations and to pave the way for Thai and Russian businesses to develop partnerships.
Andrey Plam, a minister-counsellor at the Russian embassy, said high-ranking government officials from the two countries have developed economic relations.
Thailand may seek technology and science partnerships with Russia to add value to businesses.
Phisak Nivataphand, president of the Thai-Russia Chamber of Commerce, said Thai products exported to Russia are mostly shipped via Scandinavian countries due to a lack of currency exchange.
Russian investments in Thailand are very limited.
Russia is an interesting option for oil and gas supply to Thailand due to its distribution networks.
Thailand can use medical services to attract Russian tourists, whose arrivals are expected to increase to 1.5 million this year from 1.3 million last year.