InfoQuest (August 14, 2019) -- Speaking at the meeting to unveil policies to the senior officials of the Ministry of Industry, Deputy Prime Minister Somkid Jatusripitak urged to offer help to small and medium-sized enterprises (SMEs) that account for 90 percent of the total in Thailand, amid the global economy turmoil caused by the trade tensions between the United States and China.
The deputy prime minister called on relevant agencies to raise credit funds from all sectors to help SMEs. "Regarding the SMEs with outstanding debts, we should consider helping them conduct debt restructuring, as SMEs form the basis of the Thai economic system." he said.
According to Mr. Somkid, the next policy is to introduce industrial technology to help the agricultural sector realize industrial agriculture, so as to increase the value of agricultural products by taking such measures as the processing of the products or the design of neat packaging for the products. Government agencies must provide policy assurances to the private sector interested in participating in development projects.
"If domestic industrial sector does not accelerate structural adjustment, then Thailand will not be able to compete with its neighbors. For example, the labor cost in Vietnam is lower than that of Thailand, but the technology development in the two countries is similar. Thus it is necessary to take measures to attract the investors who prepare to relocate manufacturing bases to Vietnam," said Mr. Somkid.
Another important task is to support start-ups to improve their quantity and quality and require the Industrial Estate Authority of Thailand (IEAT) to set up support centers for buying land. The private sector does not yet need much budgetary support to boost start-up growth.
Mr. Somkid added that industrial clusters must be constructed with clear planning and adequate preparation to create appeal and help investor build confidence.
Source: InfoQuest, by Tanawat Suayaem / Nisarat / Rachada, translated by Xinhua Silk Road
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