05 February 2004 15:51
Thai trade representative announces new focus on Russia
Section: Economy - Thai Trade Representative Prachuab Chaiyasan today announced a new government target to boost
trade with Russia to over USD1.7 billion, describing the Russian market as a vital one for Thailand's small and
medium-sized enterprises (SMEs).
Speaking after opening a seminar here on "Russia:A New Market For Thai SMEs", Mr. Prachuan noted the huge
potential of the Eastern European and Russian markets for Thai SMEs, particularly those producing consumer goods and
electronic components.
While in the past, trade between Thailand and Russia had been hampered by problems relating to financial
transactions, the government had authorized the Export-Import Bank of Thailand (EXIM Bank) to issue USD20 million in
credit to support trade between the two countries, he said.
In addition, he said, Russia was preparing to establish a cultural centre in Thailand to provide Thai investors with
information on investing in Russia. The government hopes that these measures will boost annual trade between the two
countries from around USD650 million at present to over USD1.7 billion in the future, bringing the total value of
bilateral trade up to the pre-1990's economic crisis levels.
At the same time, the government hopes to be able to attract 100,000 Russian tourists to Thailand this year, up from
70,000 last year.
Thailand's Defence, and Science and Technology ministries are currently negotiating with the Russian government
and private sector to allow Russian defence companies to set up production plants in Thailand, which could lead to a
huge level of future investment.
[Thai Press Reports] |
RUSSIA IN FACTS
