Last year, the value of bilateral trade between the two countries stood at just US$2.3 billion (Bt81.87 billion) and there is a lot of room for cooperation to increase the volume of trade, he said, noting that this business dialogue was also a good opportunity to discuss more investment opportunities.

Prayut, who went to Russia on Tuesday and will return on Saturday, is there to cement bilateral ties as well as attend a special Asean-Russia summit. He met with his counterpart Dmitry Medvedev in St Petersburg yesterday and is scheduled to call on President Vladimir Putin in Sochi today.

Prayut had earlier said that his government was interested in cooperating with Russia in the defence sector and would purchase some military hardware such as helicopters from the country.

He also told the business forum that his government had tried to fix internal problems, ease the national divide as well as boost ties with countries in the region and outside.

“Thailand is moving towards a perfect democracy and good governance, and it will be developed to catch up with the rapidly changing global environment,” Prayut said.

The Thai economy is only expected to grow by 3 to 3.5 per cent this year, with the growth mostly generated by domestic consumption, tourism and government spending, he said.

He added that his government was trying to introduce reforms so as to make way for sustainable development and invited Russian businesses to seek opportunities in the Kingdom. He also said that Thailand could become a regional hub for Russian business in the Asean region.

This will be the first time in 11 years for a Thai prime minister to visit that country officially, according to Deputy Government Spokesman Maj-General Werachon Sukhondhapatipak.

General Prayut will be accompanied by his wife Naraporn Chan-o-cha and eight ministers, of foreign affairs, justice, interior, agriculture and cooperatives, natural resources and environment, commerce, science and technology, and culture, Werachon said. The delegation will leave Thailand on Monday.

Thaksin Shinawatra was the last prime minister to visit Russia, in 2005.

Prayut will meet with Russian Prime Minister Dmitry Medvedev for the fourth time in Saint Petersburg on Wednesday. They will discuss bilateral cooperation on economic, tourism, cultural, academic, and science and innovation matters, Werachon said.

He also noted that Thailand and Russia would mark 120 years of diplomatic ties next year.

Watana Khunwong, deputy director-general of the Foreign Ministry’s Europe Department, saidPrayut and Medvedev would witness the signing of six memoranda of understanding on bilateral cooperation and three MoUs between businesses of the two countries.

Prayut then will travel to Sochi on Thursday, when he is scheduled to meet with Russian President Vladimir Putin, who will host the Asean-Russia summit together with Laotian Prime Minister Thongloun Sisoulith, whose country holds the rotating Asean presidency this year.

Prayut will sign the Sochi Declaration, a draft 2016-20 operation plan to support Asean-Russian cooperation, and a report of recommendations on Asean-Russia relations together with other leaders.