Russia eyes to expand investment in Thailand

BANGKOK, February 23 (TNA) - Russian business entities plan to expand their investment in Thailand, especially in the Eastern Economic Corridor (EEC) Project, and to join forces with Thai banks to support innovative startups. The plans were discussed during Russian Deputy Minister of Economic Development Alexey Gruzdev led a delegation of over 50 business firms and banks to visit Bangkok and met with Thai Deputy Prime Minister Somkid Jatusripitak during February 21-22. The Russian business delegation learned on investment prospect in the EEC Project, where the Thai government is promoting and supporting to become a new regional investment hub of innovative and high technological businesses, as Russia is wellknown for its high technological defense, cyber, rail and aviation industries. During the two-day visit to Bangkok, several Russian banks and firms, including Sberbank, Vneshekonombank, Rostec Corporation and JSC Ilyushin Finance Co., expressed their readiness to join forces with the Russian government and Thai banks to establish an innovation fund to support startup entrepreneurs of innovative businesses. According to the Thai deputy prime minister, the two-day visit to Bangkok by the Russian delegation was a positive sign, reflecting Thailand's potential as a business hub of the ASEAN Economic Community (AEC) where the strategic partnership could be formed with international allies. The deputy prime minister told journalists on Friday that he plans to lead a Thai business delegation to visit Russia in mid-2018 to attend an economic forum in St. Petersburg and to discuss in details on the Russian plans, which will then be materialized following an initial agreement in the leadership level and amid the well-recovering Thai economy. (TNA)