Commerce Ministry launches economic recovery plan to aid SMEs

The Commerce Ministry is collaborating with government agencies in Thailand to roll out a nationwide economic recovery initiative over five months, aimed at assisting small businesses, easing expenses, and reducing the cost of living.

Commerce Minister Pichai Naripthaphan convened with over 150 representatives from private sector organisations to jointly launch the project.

The discussions incorporated cooperation from both public and private sectors, including the Defence Ministry, Interior Ministry, Digital Economy and Society Ministry, Public Health Ministry, Thai Chamber of Commerce, Federation of Thai Industries, Thai Retailers Association, wholesale and retail department stores, and gas stations.

The initiative will support the activities of provincial commerce offices by finding businesses to participate, securing venues, and coordinating with local manufacturers to provide discounted products.

Prime Minister Paetongtarn Shinawatra is chairing the project’s inauguration at Government House today. The project is set to run from September 2024 to January 2025, with objectives to generate income, reduce expenses, and create opportunities for small businesses, said Pichai.

“This includes reducing shop and market stall rental fees and organising Commerce Markets across 76 provinces in both government and private sector areas.”

The Commerce Ministry plans to collaborate with large manufacturers and wholesalers to encourage big players to support small businesses by reducing costs for them, while also cutting prices of essential consumer goods through various campaigns and seasonal promotions. Major producers, businesses, and retail chains have expressed readiness to cooperate by lowering the prices of essential goods, supporting the sale of low-cost products, and reducing rental fees for small enterprises.

PM Paetongtarn is scheduled to hold a live broadcast addressing entrepreneurs and rehabilitation activities in five provinces: Khon Kaen, Lop Buri, Udon Thani, Phuket, and Chiang Rai, reported Bangkok Post.

Building on the government’s flagship 10,000-baht (US$300) cash handout scheme, the project is expected to stimulate the economy and accelerate recovery, said Pichai.

“This initiative will invigorate the economic landscape, providing much-needed support to small businesses and easing the financial burden on consumers.”