Thailand aims to increase the contribution of small and medium-sized enterprises (SMEs) to the country's GDP by 6.6 trillion baht next year. Thailand's Ministry of Commerce will work with private companies. It is expected to increase by 300 billion baht from this year, which is part of the ministry's strategic roadmap for SME development.
Thailand's Deputy Minister of Commerce Napintorn Srisanpang unveiled the plan and revealed that the SME Promotion Subcommittee has agreed on a framework to increase the contribution of SMEs to GDP. Currently, SMEs contribute 6.3 trillion baht, equivalent to 35.2% of GDP. The proposed roadmap intends to increase this figure to 36% next year, eventually reaching a 40% contribution to GDP by 2027, a further increase of 500 billion baht.
This ambitious plan contains nine strategies aimed at boosting the income of small and medium-sized enterprises. The first strategy involves cooperation between three national ministries – the Ministry of Business Development, the Office for the Promotion of Small and Medium Enterprises, and the Ministry of Higher Education, Science, Research and Innovation. They will provide training courses to enhance the knowledge and skills of Thai SMEs.
The second program aims to create jobs through franchise opportunities and is aimed at the unemployed, budding entrepreneurs and families under Article 33 of the Social Security System. This will allow them to choose a franchise based on their preferences and abilities.
Another strategy will stimulate domestic consumption by marketing community products, SMEs and One Tambon One products to more than 2.5 million foreign workers in Thailand. Under the supervision of the Ministry of Domestic Trade, the strategy will provide convenient product packages and a fast delivery system.
The Ministry also plans to increase the national and international visibility of GI products, registering 20 more than the current 193.
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In addition, there are plans to balance the prices of agricultural products, including crops, horticulture, and livestock, and to modernize convenience stores with a point-of-sale system. This will improve store management, improve image, increase online sales channels, and promote fair competition.
The roadmap includes the promotion of local SMEs through SME-GP to develop a government procurement system that enables small businesses to compete in the market and collaborate with the public sector. It also seeks to establish e-commerce standards by facilitating the registration and provision of DBD registered trademarks and DBD verification trademarks to enhance business reputation.
The final strategy positions Thailand as a global hub for the jewelry and gemstone industry, which is an important sector for SMEs.
In line with these strategies, the ministry plans to host the Thailand SME Power Expo in Bangkok at the end of March. The fair will provide a platform for small and medium-sized enterprises to showcase and sell their products. The event will also feature business matching sessions, workshops on key topics for SMEs, and events to promote financing.
Deputy Minister of Commerce Napintorn added that various departments of the Ministry of Commerce will also provide expert advice on business operations. According to the Bangkok Post, the Expo will be followed by a four-region tour to support regional SMEs.
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