Everyone has been talking about the Russian influx to Thailand over the past few years, and those living in Pattaya will confirm with you their dominance in the tourism market. Bangkok Bank has recently talked about how Russian money has flooded in the market and also Thai businesses trading with Russia.
It is believed that 1.3 million Russian tourists have visited Thailand over the past year.
Indeed, even the bank’s executives joined a delegation along with Thai government personnel to Russia last month for bilateral talks. After the talks, the Thai government have projected that trade between the two countries will double by 2016 to 10 billion USD, which is approximately 4-5 billion at the moment.
This boom in trade means even greater activity for the two country’s private sectors, said Bangkok Bank’s senior executive vice-president, Chansak Fuangfu, which is also welcomed on a business front.