Thai and Russian officials push for joint ventures and EAEU trade deal at investment forum

Key summary

Officials and business leaders from Thailand and Russia used the plenary session of the Russian-Thai Investment Forum to advocate moving beyond simple import-export trade toward joint ventures, shared supply chains, and long-term investment. The two-day forum, held on October 30 and 31, 2026, was the second of its kind following an event in Phuket last year. Organizers reported that more than 800 companies and 1,500 participants attended, with projects representing an investment potential exceeding $4.5 billion. Trade turnover between the two nations rose by a quarter in 2026.

Speakers emphasized three core messages: both countries require new partners as global trade fragments; their economies complement each other in energy, food, and tourism; and practical barriers such as payment mechanisms and product certification must be reduced to facilitate cooperation. Ivan Demchenko, chairman of the Russian-Thai Business Council, highlighted the need for patience and trust-building, describing the Thai 'sabai sabai' approach as preferable to aggressive short-term tactics. He proposed three priorities: dedicated banking mechanisms for direct payments modeled on the Russian-Vietnamese bank system; streamlined mutual product registration in collaboration with the Federation of Thai Industries (FTI); and utilization of the Board of Investment's 100 per cent foreign-ownership exemptions for high-tech sectors alongside simpler work-visa quotas.

Thai Energy Minister Akanat Promphan noted that while Thailand operates six refineries with a capacity of almost one million barrels a day, it imports over 90 per cent of its crude oil. He cited disruption in the Middle East and surging demand from AI data centres as drivers for diversification. Russian Ambassador Evgeny Tomikhin pointed to the upcoming 130th anniversary of diplomatic relations next year and supported intergovernmental dialogue. Dr Kirida Bhaopichitr, Thailand's vice minister for commerce, stated that bilateral trade runs at about $2 billion a year, with Russian investment in Thailand at approximately $6 billion compared to $1 billion of Thai investment in Russia. She urged 'co-creation' of shared supply chains, specifically mentioning Russian fertiliser helping Thai farms produce food for export back to Russia.

Vladimir Ilichev, Russia's deputy minister of economic development, and Veniamin Kondratyev, governor of the Krasnodar region, supported intergovernmental trade mechanisms and agricultural partnerships. Pimjai Leeissaranukul, chairwoman of the FTI and the Thai-Russian Business Council, welcomed an agreement between the FTI and Business Russia to create a direct platform for entrepreneurs. Alexey Repik, chairman of Business Russia, called for a transition from import-export trade to joint ventures and technology transfer. Dr Poj Aramwattananont, chairman of the Thai Chamber of Commerce, noted that the Thailand-Russia joint intergovernmental commission can resolve obstacles like product registration and customs clearance. He listed canned tuna, pet food, and natural rubber as Thai exports to Russia, while Russia supplies fertilisers and wheat.

Nikita Gusakov, senior vice president of the Russian Export Center, outlined export support including pre-export financing at 7.5 per cent ruble interest rates for SMEs. Dr Chula Sukmanop, secretary general of Thailand's Eastern Economic Corridor (EEC) Office, urged Russian firms to invest in Thailand rather than just trade with it. The EEC spans three eastern provinces near Suvarnabhumi Airport and Pattaya and is described as a 'special development zone' combining economic, social, and environmental goals.