Russian companies are planning to make more investments in Thailand as well as seek Thai business partners to embark on new ventures, says the Russian-Thai Business Council.
Prospective investors from Russia are interested in filming and post-production, logistics, food and beverage, petrochemicals, and energy and fertilisers, said Ivan Demchenko, chairman of the council.
Russian investors are in talks with the Board of Investment on the government's investment incentive packages.
"Thailand is a key investment destination in Asia. Foreign investors want to seek local business partners and form joint ventures," said Mr Demchenko.
He was speaking during the FTI Expo, held by the Federation of Thai Industries in Bangkok. The four-day event, which ended on Feb 15, highlighted technological updates in the Thai industrial sector, business matching and forums on environmentally friendly manufacturing.
Filming and post-production is a sector that attracts Russian entrepreneurs, said Mr Demchenko. They want to form joint ventures with Thai companies specialising in this field as Thailand is well-known for creating high-quality movies.
So far roughly 100 Russian companies have invested in Thailand in various industries, including jewellery, furniture, hotels and restaurants, he said.
"Thailand is popular with Russians as more than 1 million visit each year," said Mr Demchenko.
"Russia wants to boost investment and trade with Thailand."
The Russian inbound market should reach a new high of 2.2 million arrivals in 2025, thanks to the 60-day visa-free scheme, the Tourism Authority of Thailand said earlier.
The mutual trade turnover between Russia and Thailand in 2023 was US$1.5 billion, according to Russian embassy data.
Key products exported to Russia include machinery and components, vehicles, chemicals, rubber, foods, textile and shoes.
Thailand imports from Russia steel products, chemicals, rubber, minerals, oil and petroleum products, jewellery and pearls.
Some Thai investors are embarking on businesses in Russia, such as Charoen Pokphand Foods building an animal feed plant in Lukhovitsy in the Moscow region, and 12 pig farms in Moscow, Kaluga, Kaliningrad and other regions.