BAAC organises Japan trip to boost Thai farmers’ global market competitiveness
The Bank for Agriculture and Agricultural Cooperatives (BAAC), led by its president, Chatchai Sirilai, has organised an overseas business study trip to Fukuoka, Japan, from October 20 to October 24. The initiative aimed to aid small-scale Thai farmers and farming businesses by enhancing their business efficiency and competitiveness in the global market.
The trip provided an opportunity for knowledge exchange on product development, promotion, value addition through packaging and branding, and government support to farming households. It also exposed the participants to the expansion of other industries like agri-tourism and ecotourism associated with agricultural products.
Chatchai Sirilai emphasised the need for Thai farmers to meet market demand and address obstacles to increase their competitiveness in both domestic and international markets. Representatives from various product sectors, including processed fruit, dairy products, ceramics, beef products, rubber products, and fruit farms, participated in the trip.
During their visit, the delegates learned about rural community development, marketing through international expositions, and the importance of local mascots in marketing and community building. The participants were also encouraged to develop connections with other stakeholders for mutual learning and information exchange.
Chatchai Sirilai highlighted the role of SMEs in driving growth in the country’s economy, including the agricultural sector. However, he also noted that over 90% of Thai farmer households are indebted, with debt levels ranging from 100,000 to 300,000 baht each.
In response to the debt issue, the BAAC has implemented several assistance measures such as debt restructuring solutions tailored to the capability of each household and incentivising behavioural change for more frequent repayments. Furthermore, the bank has offered debt suspension for indebted Thai farmers, with some two million farmers eligible to join the scheme.
The BAAC does not plan to use an asset management company for bad debt management, intending to keep the assets with the farmer. Instead, the bank has developed debt resolution plans suited to the debt servicing capabilities of each group of Thai farmers, aiming to enable full repayment of their loans reported Bangkok Post.
Follow more of The Thaiger’s latest stories on our new Facebook page HERE.
