Thailand and Russia to Enhance Industrial Cooperation

The Ministry of Industry in Thailand has discussed with the Trade Representation of the Russian Federation about importing steel products, electrical equipment, and batteries from Russia.

Key Takeaways

Russia is interested in introducing steel products, electrical equipment, and batteries to Thailand.
The trade value between Thailand and Russia in 2023 amounted to 53.44 billion baht, with Thailand enjoying a trade surplus of approximately 5 billion baht.
The Memorandum of Understanding (MoU) between the Ministries of Industry of Thailand and Russia aims to enhance cooperation in industrial development, technology, innovation, and support for startups and SMEs.

Russia is Thailand’s 37th trading partner and the first within the Eurasian Economic Union. The trade value between Thailand and Russia amounted to 53.44 billion baht in 2023, with Thailand having a trade surplus of approximately 5 billion baht.

There is a Memorandum of Understanding (MoU) between the Ministries of Industry of both countries to enhance cooperation in industrial development, focusing on technology and innovation, particularly among startups and SMEs. This cooperation also aims to promote investments in Thailand’s Eastern Economic Corridor (EEC) and Russia’s Far East region.