Thailand supports SMEs to expand overseas
The Federation of Thai Industries (FTI) and the Bank of Thailand (BoT) have agreed to launch new measures for Thai small and medium-sized enterprises (SMEs) to encourage them to expand overseas.
BANGKOK, VNA - The Federation of Thai Industries (FTI) and the Bank of Thailand (BoT) have agreed to launch new measures for Thai small and medium-sized enterprises (SMEs) to encourage them to expand overseas.
The two agencies will select 50 competitive companies from five industrial sectors: auto parts, rubber, food and processed food, home appliances and electronics, and furniture, local media reported.
The firms have to be capable of developing a foothold in other countries.
Kriangkrai Tiannukul, vice-chairman of the FTI, said the measure is a pilot project to support Thai SMEs in overseas investment aspects such as finance, marketing and regulation.
"We have to listen to the problems they face in doing business in other markets," the Bangkok Post quoted Kriangkrai as saying. The FTI and BoT will work together to support SMEs and provide knowledge on how to use financial management and enter targeted markets overseas, he added.
According to Kriangkrai, the 50 selected companies have to increase their export value every year under measures for the scheme. The two agencies plan to extend the SME project to let new companies participate in the future.
Many companies are hindered from international expansion because of difficulties obtaining loans from commercial banks.
The Bank of Thailand plans to talk with Thai banks about special financial measures to support SMEs' overseas business, said Kriangkrai said.
The government has a policy to support SMEs in line with the Thailand 4.0 initiative, as these businesses are such a large group and are expected to push forward the country's GDP.
He said the FTI has high hopes that the central bank has acknowledged the currency problem, and he expects the central bank to issue new measures to help SMEs.- VNA