Russian and Thai Business Leaders Call for Pivot to Joint Ventures and Tech Partnerships

 

Business Russia and the Federation of Thai Industries sign an MOU as speakers call for joint ventures, direct payments and easier certification.

 

Business leaders and officials from Russia and Thailand called on Friday for bilateral commerce to move beyond simple buying and selling towards joint ventures, local production, and technology partnerships.

 

Speaking at the joint business association session on the opening day of the two-day Russian-Thai Investment Forum 2026 (30–31 October), panellists acknowledged that while energy and raw-material trade provides a foundation, persistent obstacles—including cross-border payments, product certification, logistics, and ownership rules—must be addressed together.

 

The session followed the signing of a Memorandum of Understanding (MOU) between Business Russia and the Federation of Thai Industries (FTI) aimed at connecting enterprises across both countries.

 

 

Moving Beyond Traditional Trade

Session moderator Alexey Repik, chairman of Business Russia, stated that finding a buyer or supplier is merely a starting point rather than a sustainable business strategy.

 

"Companies need the right local partner, an understanding of regulatory requirements, certified products, reliable deliveries and payments, and protection for their technology and intellectual property," Repik said.

 

He urged long-term investors to focus on local production, joint ventures, and after-sales services across key sectors including agriculture, food, energy, healthcare, and digital technology, expressing hope that future meetings would spend “less time describing potential, more time sharing results”.

 

 

 

Yuri Lyzhin, Russia’s Trade Representative to Thailand, noted that Russian businesspeople have traditionally viewed Thailand primarily as a holiday destination rather than Southeast Asia’s second-largest economy, which boasts a global trade turnover of approximately $700 billion.

 

While raw materials and energy represent "the easy part"—highlighted by recent shipments of over six energy cargo vessels generating over half a billion dollars in turnover—Lyzhin argued that the optimal route for Russian firms is establishing joint production in Thailand.

 

Goods manufactured locally under "Made in Thailand" status can be exported onwards, supported by local project financing from Thai banks at around 4 per cent.

 

Lyzhin identified chemicals, pharmaceuticals, aerospace, metallurgy, healthcare, agriculture, and satellite technology as prime sectors, noting that while logistics routes via Vietnam exist, cargo insurance remains a challenge.

 

He added that exporters currently face no issues receiving payments in Thai baht, with conversion channels into roubles fully operational.

 

Pimjai Leeissaranukul, chairwoman of the FTI and the Thai-Russian Business Council, confirmed that Thai manufacturers are keen to share technical know-how, production facilities, and supply chains through a joint platform linking entrepreneurs in energy, natural resources, pharmaceuticals, and infrastructure.

 

 

Addressing Payments, Rules, and Workforce

Ivan Demchenko, chairman of the Russian-Thai Business Council (RTBC) and head of the steel committee at Business Russia, urged newcomers to adopt sabai sabai—the Thai philosophy of remaining calm and growing step by step.

 

 

 

"You don’t want to be an elephant in a small room," Demchenko said, noting the forum's growth from 200 participants three years ago to 2,500 attendees from over 50 countries this year.

 

Demchenko outlined three main operational priorities:

• Direct Payments: Describing current bilateral trade of around $2 billion as remarkably low compared to Vietnam’s $15 billion, he called for a direct payment mechanism modelled on the Russian-Vietnamese bank, predicting it could double trade next year.

• Certification: He called for mutual agreements to ease product certification and marking procedures.

• Ownership and Labour: While welcoming the Thai Board of Investment (BOI) regime that allows 100 per cent foreign ownership in priority sectors like aerospace, biotechnology, and pharmaceuticals, Demchenko urged clarity on foreign ownership rules to eliminate reliance on nominee structures.

 

He also called for simplified rules for bringing skilled Thai workers to Russia.

 

In response, Repik noted that new Russian legislation to legalise foreign workers is expected to pass through parliament during the current session.

 

Petr Zaselsky, chairman of the Management Board of ROSEXIMBANK, confirmed that financing and settlements are key priorities for the Russian Export Center.

 

He highlighted pre-export financing and rouble credit lines at 7.5 per cent for medium-sized firms, long-term credit facilities for large corporations, and cross-border settlement services in Thai baht via the bank's Planet platform.

 

 

Digital Growth, Logistics, and Next Steps

Nakah Thawichawatt, vice president of the FTI’s Institute of Digital for Industry—representing an organisation covering 17,000 manufacturers—highlighted Thailand’s transition towards industrial robotics and its target to lift the digital economy's GDP contribution above 6 per cent.

 

Nakah cited strong demand for industrial cybersecurity, data protection compliance, data centres, and practical AI tools. However, he warned that energy shortages are currently delaying data centre projects, alongside a shortage of skilled digital workers, adding that Thai firms welcome technology transfers from Russian providers.

 

On air logistics, Vichavatee Chumthong, key account manager at Triple i Air Express, explained that her firm operates shuttle cargo flights from its dedicated terminal in Thailand to Russian cities for time-critical freight.

 

She stressed that advance documentation by Russian partners is crucial for fast customs clearance and noted Thailand’s potential as a regional hub for forwarding pharmaceuticals to Myanmar, Laos, and Vietnam.

 

Closing the session, Alexander Stuglev, chairman and CEO of the Roscongress Foundation, highlighted the role of business associations in building institutional trust across a global network spanning 90 countries, inviting Thai delegates to attend the St Petersburg International Economic Forum in June next year.