Russia and Thailand discussed issues of cooperation in the Far East

Issues of investment cooperation in the Far East and preparations for the Eastern Economic Forum were the subject of a meeting between the Deputy Prime Minister of the Russian Federation - Plenipotentiary Representative of the President of the Russian Federation in the Far Eastern Federal District Yury Trutnev with the Ambassador Extraordinary and Plenipotentiary of the Kingdom of Thailand in Russia Sasivat Wongsinsawat. The event was held via videoconferencing.

“The Kingdom of Thailand and the Russian Federation are traditionally linked by friendly relations, but our volume of trade and economic cooperation is small. I am sure that by joint efforts we can significantly increase it,” Yuri Trutnev opened the meeting.

According to him, an important part of the development of bilateral cooperation is the attraction of foreign direct investment from the Kingdom of Thailand in the implementation of joint investment projects in the Far East.

According to the Far Eastern Customs Administration of the Federal Customs Service of Russia, the volume of foreign trade between the Far East Federal District regions and Thailand in 2020 amounted to 79.1 million US dollars. In the first six months of 2021, the trade turnover between the regions of the Far Eastern Federal District and Thailand amounted to 36.8 million US dollars. This is 21% higher than the same period in 2020. The main type of product exported to Thailand is fuel and oil products (85.8% of exports) - the volume of supplies in 2020 amounted to 30.5 million US dollars, in the first quarter of 2021 - 3.7 million US dollars.

During the meeting, the possibilities of preferential regimes for the ASEZ and the free port, the development of cooperation in tourism and agriculture were considered. “We are interested in the development of tourism infrastructure and resorts in the Far East. We will gladly accept investment proposals from Thai businessmen. We will develop cruise tourism, and here, it seems to me, we have common interests. I believe that cooperation in the field of agriculture can also become promising,” the Deputy Prime Minister noted.

The VI Eastern Economic Forum in Vladivostok was discussed. “In September, the Eastern Economic Forum will be held in Vladivostok. We will be happy to welcome the delegation of Thailand to the Forum. I hope that together with you we will be able to strengthen trade and economic cooperation, thus benefiting both the Russian Federation and Thailand,” said Yuri Trutnev.

Sasivat Wongsinsawat announced his participation in the Forum, his desire to “see with his own eyes the potential that exists in the Far East” and his intention to hold meetings with several companies on the sidelines of the EEF-2021.

“The Far East is the closest territory of the Russian Federation to Thailand. President of the Russian Federation Vladimir Vladimirovich Putin has designated the Far East as a national priority for the entire 21st century. Today, the Far East has already become one of the most dynamically developing territories of our country. I am sure that a place in this economic development of the Far Eastern territories can also be found for our cooperation,” Yuri Trutnev summed up the meeting.