Russia has proposed Thailand establish an innovation fund to promote joint investment in technology and innovation between the two countries.
Deputy Prime Minister Somkid Jatusripitak, who met Alexey Gruzdev, Russia's deputy minister of economic development, yesterday, said the proposed innovation fund should be jointly sponsored by the public and private sectors of the two countries.
The fund should be used to support startups, R&D and innovation development in Thailand, Mr Somkid said.
"Russia has shown strong intention to invest in various industries where Russia has expertise, such as robotics, the Internet of Things [IoT], innovation, logistics, high technology and building a digital hub in the Eastern Economic Corridor, as well as the maintenance, repair and overhaul facility at U-tapao airport and rail development," he said.
"We are asking for Russia's support for Thailand to become a member of the Eurasian Economic Union, which consists of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan."
Mr Somkid said Russian firms keen to invest in Thailand include Sberbank, Vnesheconombank, Rostec and JSC Ilyushin Finance Co.
Russia also urged Thailand to join the St Petersburg International Economic Forum, due to take place in May.
In related news, the Thai and Russian governments agreed yesterday to strengthen economic cooperation in biotechnology, robotics, IoT, logistics, infrastructure and aviation.
The two countries aim to boost two-way trade to US$100 billion (3.15 trillion baht) by 2020 from $3.13 billion in 2017.
Of last year's bilateral trade, Thai exports accounted for $1.04 billion and imports $2.09 billion.
Key exports included automotive and parts, rubber products, gems and jewellery, machinery and parts, canned and processed fruit, seafood, plastic pellets, and chemicals.
The Board of Investment said Russia's 2005-17 investment in 24 projects was worth a combined $44 million in Thailand.
"The economic relationship between Thailand and Russia is taking another step after the official Thai government visit to Russia two years ago, when Thailand and Russia agreed to forge a strategic partnership while Russia was eager to use Thailand as the investment base for Asean," Mr Somkid said.
Mr Somkid is scheduled to lead the trade mission to Russia this May to deepen economic cooperation between the two countries.