Thailand, Russia to expand bilateral trade

BANGKOK, Oct 13 (TNA) - Thailand and Russia are attempting to expand
bilateral trade as both countries invite businessmen to invest in their countries amid the dark clouds of the global financial crisis, Industry Minister Pracha Promnog said on Monday.

Prospects of increased trade and investment between the two countries came
after Russian ambassador to Thailand Yevgeny Vladimirovich Afanasiev held
talks with Mr. Pracha on industrial cooperation between the two countries.

According to the Thai minister, the Russian ambassador invited Thai
businessmen to invest in automobile spare parts, oil exploration and
wooden furniture in Russia because the country has abundant raw materials.

Atchaka Brimble, secretary-general of Thailand's Board of Investment
(BoI), said that Russia is keen to invest in the jewellery business in
Thailand as it has already invested in the property and food sectors in
this country.

Thailand is now ranked the number one trading partner with Russia among
the 10-member Association of Southeast Asian Nations (ASEAN) with a
combined trade value last year standing at about US$2 billion, an amount
which is expected to double in 2008.

Thailand currently suffers a trade deficit with Russia.

Mrs. Atchaka said Deputy Prime Minister Olarn Chaipravat has been
appointed BoI chairman while board members will be appointed soon so that
considerations could be made on investor applications seeking promotional
privileges for combined investment of over Bt200 billion. (TNA)