Russia–Thailand Trade Exceeded USD 2 bn in 2015
On February 24, 2016, Denis Manturov, Minister of Industry and Trade of the Russian Federation, participated in a meeting between Russian Prime Minister Dmitry Medvedev and Thailand’s Deputy Prime Ministers Prawit Wongsuvan and Somkid Jatusripitak. The same evening, Denis Manturov had a business dinner with Thailand Cabinet members visiting Russia.
During the discussions at the business dinner, the Head of the Russian Ministry of Industry and Trade, who co-chairs the Joint Russian–Thai Commission on Bilateral Cooperation, highlighted the progressive development of cooperation between the two countries in the sphere of both government agencies and businesses.
“Russia–Thailand trade topped USD 2 bn in 2015 and we are seeing a promising outlook for increasing it even more, given that our economies are mutually complimentary,” Denis Manturov said.
According to him, the most promising areas of Russian–Thai cooperation are: expanding supplies of Russian hi-tech products, particularly the Sukhoi Superjet 100; participation by Russian companies in major railway projects in Thailand, including the prospect of setting-up a servicing centre for rolling stock produced by Uralvagonzavod; promotion of KAMAZ trucks; other projects in metallurgy, heavy engineering and the chemical industry.
The parties highlighted that they planned to continue cooperation at all levels, including participation by new co-chair of the Joint Russian–Thai Commission on Bilateral Cooperation Don Pramudwinai, Thailand Foreign Affairs Minister. The next meeting and negotiations between the two co-chairs are scheduled for May 19–20, 2016 in Sochi, on the sidelines of the anniversary Russia–ASEAN summit.
Various aspects of foreign trade cooperation development were discussed during the meeting, including Thai rubber supplies to Russia.
During the business dinner with Thailand’s Cabinet members, Denis Manturov informed his Thai colleagues about Russia’s progress in creating innovative construction materials. He mentioned that the two countries are currently working on setting-up a joint venture in Thailand to manufacture composite fittings using Russian technology. The Head of the Russian Ministry of Industry and Trade expressed his confidence in continued cooperation with Thailand in this area.
Denis Manturov invited his Thai colleague and representatives of Thailand’s business community to participate in the 20th anniversary St. Petersburg International Economic Forum on June 16–18, 2016.
