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InfoQuest

DFT and the Federation of Thai SME to enhance Thai SMEs' global competitiveness together

September 03, 2019


Abstract : DFT has signed a Memorandum of Cooperation (MOU) with the Federation of Thai SME to help SMEs with stores nationwide develop and enhance abilities of exporting quality products to foreign markets, especially ASEAN countries.

InfoQuest (August 30, 2019) -- DFT has signed a Memorandum of Cooperation (MOU) with the Federation of Thai SME to help SMEs with stores nationwide develop and enhance abilities of exporting quality products to foreign markets, especially ASEAN countries, said Mr. Adul Chotinisakon, director-general of Thailand's Department of Foreign Trade (DFT).

This cooperation is an extension of the Young Entrepreneur Network Development Program (YEN-D Program) between Thailand and neighboring countries. So far, the program has established new-type young entrepreneur networks in seven ASEAN countries with more than 1,400 members, and has promoted mutual continuous negotiations in commerce, trade and investment and facilitated more than 4 billion Thai baht worth of trade. This feat not only speaks volume about the strength of YEN-D Program members, but also proves that cooperation can help Thai SMEs increase exports and expand markets. Plus more than 70 national associations, clubs, cooperatives, community enterprises and individual enterprises, and more than 15,000 well-established and well-developed stores throughout the country of the Federation of Thai SME will also be of great help in sharpening Thai SME' competitive edge in the world market.

In addition to the YEN-D Program, DFT is planning other activities to support Thai SMEs, such as training on improving the quality of workplaces and the competitiveness of personnel in modern trade, heightening export standards to enhance the added value and global competitiveness of products, promoting the establishment of business contact networks between Thai SMEs and foreign markets, promoting the development of trade and investment, promoting the use of preferential rights and protecting the interests of enterprises so as to compete with foreign enterprises on an equal footing, etc. DFT believes the implementation of these series plans will benefit Thai SMEs in trade and investment and promote the development of Thailand's basic economy.

According to DFT, the YEN-D Program was established in 2015 in accordance with Prime Minister Prayut Chan-o-cha's policy, with the aim of facilitating meetings of new-type young entrepreneurs from Thailand and neighboring countries, enhancing mutual understanding and establishing a business cooperation network. Entrepreneur-to-entrepreneur friendship is always followed by business cooperation. This is the concept of YEN-D Program. In other words, YEN-D Program is committed to creating meeting opportunities for new-type young entrepreneurs, and sees the subsequent business cooperation as an additional accompanying benefit.

This year right marks the fifth anniversary of the foundation of YEN-D Program. Over the years, a host of relevant YEN-D projects, like the new-type young entrepreneur training project in Thailand and CLMV countries (Laos, Myanmar, Cambodia and Vietnam), were implemented and achieved great success. On this basis, the YEN-D Frontier Project (a new-type young entrepreneur training project for border trade between Thailand and neighboring countries) was organized. Later in 2019, DFT organized the YEN-D Plus project, successfully extending YEN-D Program to countries outside of CLMV like Indonesia and Malaysia. For 2020, DFT will continue promoting the development of border trade through the YEN-D project and implementing the YEN-D Plus project (India, Indonesia and Malaysia), the YEN-D Frontier project, the YEN-D Reunion project and other relevant projects, as it seeks to develop trade and investment and build a bridge for close communication between Thailand and the rest of Asia, especially ASEAN countries.

Source: InfoQuest, by Phana / Tanawat / Sasithorn, translated by Xinhua Silk Road.

Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.

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