MOSCOW (Pakistan Point News / Sputnik - 28th April, 2023) Russian and Thai businesses are asking their governments to streamline transactions in national currencies, the minister in charge of developing Russia's Far East region told Sputnik on Thursday.
"It is obviously very much in demand. business representatives mentioned the problem of mutual transactions. It is a problem for Thai exporters trading with Russia and those investing in Russia," Alexei Chekunkov told Sputnik.
Chekunkov and Thai Deputy Prime Minister Don Pramudwinai co-chaired the eighth Russian-Thai cooperation panel, which convened in Bangkok on Thursday after a five-year hiatus.
The Russian official said the government was promoting in Thailand its alternative to the SWIFT interbank financial communications service and its own payments network, called Mir.
"I think Thailand is one of our foreign partners that stands to gain the most from this because it historically welcomed more than a million tourists every year (before 2022) and we expect to go back to that number in a year," Chekunkov said.
The Russian official also said Moscow and Bangkok are determined to develop shipping between the countries' ports.
"Thailand actively invites us to participate in the projects of the so-called Eastern Economic Corridor, in which port infrastructure is one of the main elements," Chekunkov said, adding that the Russian side presented to the Thai counterparts new opportunities in maritime transport between Russia and Thailand with the maximum use of Russia's Far East ports and the potential of the Northern Sea Route as a reliable sea route, which can provide not only transportation between Thailand and Russia but also the delivery of Thai goods to Western Europe.
Russia and Thailand plan to boost trade to $10 billion. The Russian Far East Development Ministry estimates that Russia could potentially export over $20 billion worth of goods and services to the southeastern Asian nation. Thai investment in Russia stands at $2 billion.
