Thailand and Russia are seeking to strengthen trade and investment cooperation in sectors ranging from energy and fertilisers to digital technology and innovation.
Prime Minister Anutin Charnvirakul also used the Asean-Russia Business Forum to position Thailand as a strategic gateway for Russian businesses seeking access to the Asean market of more than 700 million people.
Speaking on the sidelines of the Asean-Russia Commemorative Summit marking the 35th anniversary of Asean-Russia relations, Foreign Affairs Minister Sihasak Phuangketkeow said on Thursday that the gathering provided an opportunity to review the partnership's development and discuss future cooperation.
He noted that Russia plays an important role in regional security and has consistently attached importance to Asean, a central pillar of peace and stability in the region.
Mr Sihasak said discussions with the private sector highlighted that economic engagement between Thailand and Russia remained below the true potential of both countries, largely due to trade barriers and restrictions.
However, he expressed confidence that greater opportunities for trade and investment would emerge if the situation between Russia and Ukraine improved.
Current bilateral trade stands at around US$1 billion (about 32 billion baht), he said. He noted that Mr Anutin had met representatives of Thai companies operating in Russia.
Mr Sihasak said that Thailand hopes to further expand investment opportunities in Russia.
Thailand is also seeking closer cooperation with Russia in energy, space technology, information technology, science, innovation and cybersecurity, which Mr Sihasak described as emerging areas of collaboration.
On energy, Mr Sihasak said Russia was keen to increase exports of energy products, including oil and natural gas, to Asean countries, as well as fertilisers, for which demand in Thailand remains high.
He added that Thailand would pursue proactive diplomacy to facilitate cooperation and expand existing trade ties.
A meeting of the Thailand-Russia Joint Commission is scheduled for August to review the overall relationship, identify opportunities and address obstacles.
The prime minister is also expected to make an official visit to Russia in the near future, which Mr Sihasak said would elevate bilateral relations to a new level.
Separately, Mr Anutin told the Asean-Russia Business Forum on Wednesday that Thailand was ready to serve as a strategic gateway linking Russia with Asean.
He highlighted Thailand's strengths as a regional hub for trade, investment and economic connectivity, and invited Russian businesses to use the country as a base to expand into the wider Asean market.
Mr Anutin said Asean-Russia cooperation had continued to develop amid rapid changes in the global economy.
Thailand, he said, was undertaking economic restructuring and regulatory reforms to create new opportunities.
He identified three priority areas for Thai-Russian cooperation: connectivity, trade and investment, and people-to-people exchanges.
