Federation of Thai Industries suggests Russia as an alternative export market

[webfact]

FTI suggests Russia as an alternative export market

BANGKOK, 28 Oct 2014 (NNT) – The deputy chairman of the Federation of Thai Industries (FTI) gave a rather negative outlook for the Thai economy and has urged the government to look for alternative markets to stimulate trade.

Deputy Chairman of the Federation of Thai Industries (FTI) Mr. Wallop Vittanakorn disclosed that the Thai economy has not expanded in the fourth quarter, mainly due to lagging exports. He said, however, there have been no obstacles for the local economy.

The deputy FTI chairman urged the government to expedite investments to stimulate the economy, push for investment in mega infrastructure projects, and disburse its 2015 fiscal budget quickly to enhance the consumers’ purchasing power.

He noted that procurement and contracting may have slowed down the budget disbursement.

Mr. Wallop, has therefore, suggested that the government to seek alternative markets such as Russia, in which Thailand still has a low market share.

Meanwhile, border trade this year stands at 990 billion baht and may rise to 1.5 trillion baht, as neighboring countries continue to prefer Thai products.

The deputy FTI chairman said the government should take advantage of the formalization of the ASEAN Economic Community (AEC) by organizing product exhibitions and fairs to promote Thai products as well as develop transportation to neighboring countries.


-- NNT 2014-10-28

[ChrisY1]

Great idea.........Russia doesn't have many sanctions imposed right now.......should be able to sell 'em pre-packed Som Tam....not too spicy tho'

[tullynagardy]

Russia doesn't have many sanctions imposed right now

I think the idea is to sell them more as the sanctions mean they cannot buy from many of their traditional trading partners. One of their better ideas I guess.

However the term grasping at straws springs to mind. The honeymoon is over and the coup is falling apart at the seams.

[noitom]

And Russia couldn't care less if all the Thai seafood exports used hundreds of thousands of slave labor.

[sustento]

Ask him how BP got on with the Russians...

[rickirs]

Thailand is already falling over itself to open markets to Russia thanks to the Western sanctions against Russia.

The Nation, Petchanet Pratruangkrai, September 2, 2014:

"Last month, Russia banned imports of beef, pork, poultry, milk and dairy products, vegetables, and fruit from the US, the EU, Canada, Australia and Norway."

"Thailand will have more opportunity to export foodstuffs to Russia after the former superpower recently banned food imports from the United States and the European Union in retaliation against sanctions imposed on it, the Commerce Ministry says."

"Those products are mainly rice, poultry, rubber, seafood products, and pineapple." (Last week the CM announced sale of pork to Russia)

But ...

"To increase exports, she said Thailand had asked Russia to relax sanitary requirements on plants and animals, and other regulations."

Of course this export action might disrupt Thailand's efforts for more exports to the EU and the US. But a baht in hand is better than a handout in the future.

[noodle]

'Alternative'.......to what?

[bendejo]

Brazil has picked up on this as well, seeing the trade potential with Russia in light of these sanctions.

When opportunity knocks...

[Robespiere]

What a wonderful new circle of friends Thailand is developing.

China, Russia, Myanmar, Cambodia......

Who's next?

North Korea, Iran, Syria.....

Things have turned out so super-terrific since voiding democracy, can't wait to see what's next?

[leko]

What a wonderful new circle of friends Thailand is developing.

China, Russia, Myanmar, Cambodia......

They aren't new in the least.

One would expect a Thaksinista like yourself to support the continuation of trade with his circle of friends.

[shirtless]

What would western countries do in response to Thailand trading with Russia,

[Barin]

'Alternative'.......to what?

Alternative to America and EU

[Barin]

What a wonderful new circle of friends Thailand is developing.

China, Russia, Myanmar, Cambodia......

Who's next?

North Korea, Iran, Syria.....

Things have turned out so super-terrific since voiding democracy, can't wait to see what's next?

Why not?

Thailand is an independent state, not a member of NATO or EU, is it?

Let Thailand decide by itself.

Thailand doesn't like US import sanctions and trying to find alternative markets for seafood exports and other food products.

What is wrong with this attitude?

[Barin]

What a wonderful new circle of friends Thailand is developing.

China, Russia, Myanmar, Cambodia......

They aren't new in the least.

One would expect a Thaksinista like yourself to support the continuation of trade with his circle of friends.

By the way Thaksin is a very good friend of Russia, he will certainly be interested in expanding the trade with Russia.

[Barin]

What would western countries do in response to Thailand trading with Russia,

They will impose more sanctions on Russia.

And Russia in response will ban more goods to be imported from those Western countries, ha ha...

[waynethor]

Why would Russia be an "alternative" market? The ministry involved in sourcing export possibilities should have considered almost ALL countries. I will never understand how the Thai business mind works.

And this is an idea I've seen suggested a few times:

"The deputy FTI chairman urged the government to expedite investments to stimulate the economy, push for investment in mega infrastructure projects, and disburse its 2015 fiscal budget quickly to enhance the consumers’ purchasing power."

What other nation is going to invest in mega infrastructure projects knowing that half the funds will go into the pockets of corrupt politicians and work of inferior quality that won't last long will be completed. Just look at the most important part of Thailand's infrastructure, the roads, and how long before they start to crumble and sag.

[Ulic]

If Thailand has anything Russia wants, why not.

[wabothai]

Sounds like opportunism which is going to boomerang !

I hope the white suits know what they are doing.

[joecoolfrog]

Strong baht , weak Roubel , Russian economy suffering , yep the perfect export opportunity !