Novosibirsk entrepreneurs got acquainted with the economic potential of the Kingdom of Thailand

On February 9, within the framework of cooperation between the Investment Promotion Agency of the Novosibirsk Region  and the trade missions of Russia in foreign countries with the information support of  the Novosibirsk City Chamber of Commerce and Industry (NCCCI) was held a webinar “Hour with the Trade Representative” dedicated to the development of trade and economic cooperation between the Novosibirsk Region and the Kingdom of Thailand.

The event was attended by the Trade Representative of the Russian Federation in the Kingdom of Thailand Yuri Lyzhin, Advisor to the Director General for International Affairs of the Investment Promotion Agency of the Novosibirsk Region Vasiliy Plotnikov, more than 20 Novosibirsk companies of external economic activity, including members of the NCCCI.

Yuri Lyzhin greeted the participants of the conference and told about the economic potential of the Kingdom of Thailand. The external trade turnover of the country increased from $560 billion to $590 billion by the end of 2022. Russian-Thai Trade turnover decreased by two times because of the global economic situation. Unfortunately, Russian companies in chemical industry, oil products, and steel have left the Thai market.

The Trade Representative of the Russian Federation in the Kingdom of Thailand noted the difficult conditions for Russian companies to enter the Thai market. There are the local legislation, the certification of products, which is extremely important for a Russian company in the Thai market, as well as the ability to present the advantages of its products in a clear and understandable way. In addition, a Russian company may sell its services or products in Thailand through a partner company or open its own office. Regarding logistics, railroads, sea routes, and air travel are actively used in Thailand.

In Thailand, the IT sector, the food industry, metals and metal products are in demand and are actively developing. The main partners of the Kingdom of Thailand are the USA, EU, China, Japan and the South Korea.

Summing up the online meeting, the Russian Trade Representative in the Kingdom of Thailand answered specific questions of entrepreneurs of the Novosibirsk region and expressed his willingness to assist in promoting their products on the Thai market.