Bangkok--26 Jul--EXIM Thailand
EXIM Thailand sees promising prospects for Thai exporters and investors with good understanding of local consumer behaviors in Russia, particularly in food and high-end beauty industries.
Dr. Apichai Boontherawara, President of Export-Import Bank of Thailand (EXIM Thailand) said that EXIM Thailand, in cooperation with the Russian Studies Programme, Thammasat University’s Faculty of Liberal Arts, organized a seminar titled “Russia: Look before You Leap” on July 25, 2006 at the Emerald Hotel. Dr. Virabongsa Ramangkura, Chairman of the EXIM Thailand’s Board of Directors, delivered the keynote address at the opening of this seminar.
Following a series of financial and fiscal reforms, trade and investment liberalization and privatization since 1992, domestic demand and per capita income of the Russian people have increased substantially, fostering the country’s overall economic growth. However, to succeed in the Russian market which could be a gateway to Central Asia and other markets, Thai exporters and investors should study local consumer behaviors, preferences, and demand meticulously.
According to EXIM Thailand President, rising purchasing power and increased health and beauty awareness among the Russian people all contribute to an upsurge in demand for Thai restaurants and spa services. In addition, with a climate generally unsuitable for crop cultivation, the Russian market offers a vast opportunity for Thai food exports to expand.
Dr. Apichai added that EXIM Thailand is ready to collaborate with other relevant agencies to help expand Thai trade and investment bases in emerging markets along with trade barrier reduction in traditional markets. The Bank will provide Thai entrepreneurs with better access to information and financial services necessary for their business operations. Further, EXIM Thailand’s Export Credit Insurance Facility offers protection against commercial or political risks of non-payment from overseas customers, particularly new buyers in unfamiliar markets.
About Export-Import Bank of Thailand
Export-Import Bank of Thailand (EXIM Thailand) is a state-owned specialized financial institution under the Ministry of Finance’s supervision. Established under the Export-Import Bank of Thailand Act B.E. 2536 (1993), which was amended in 1999 to expand its role in supporting investments, EXIM Thailand was mandated to provide financial services for the promotion and facilitation of Thailand’s exports, imports and investments for national development. The Bank’s objectives are to strengthen the competitive edge of Thai exporters and investors abroad as well as promoting business activities that contribute to the earning or saving of foreign exchange.
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