Thai Finance Ministry aims to increase mangosteen, longan prices
The Finance Ministry plans to support the purchase of mangosteens and longans at the beginning of the season, expected to run from July to August this year, to boost the prices of early-season produce.
Finance Minister Pichai Chunhavajira announced that state financial institutions will be used to purchase the produce, ensuring favourable prices for agricultural products consistently.
The government aims to elevate prices for agricultural produce, which demands restructuring production costs to maintain competitiveness and enhance productivity, said Pichai.
“There is growing demand for food and agricultural products, considering the world’s population has increased by 30% over the past 24 years.”
Twenty-four years ago, the global population was 6 billion; it now stands at 8 billion and is projected to reach 10.8 billion by 2050. This burgeoning demand for food presents an opportunity for Thailand, Pichai noted, adding that focusing on improving production in this sector could drive long-term economic growth.
State financial institutions will purchase 25,000 kilogrammes of each fruit at the beginning of the season. Mangosteens of mixed grades will be bought at 30 baht per kilogramme, and grade A fallen longans at 15 baht per kilogramme. These will be resold to the public and employees at prices close to the purchase price.
Internal Trade Department
The Internal Trade Department expects this year’s mangosteen production to be about 300,000 tonnes, with southern mangosteens already entering the market. The annual longan production is estimated at 1.44 million tonnes, with the northern region supplying approximately 990,000 tonnes.
In another development, Pichai addressed the current status of the SET index, which is around 1,300, noting that investors are anticipating significant developments.
The government has implemented measures to manage the stock market, including controlling short selling, which has decreased by about 70-80%. Short selling typically occurs in a downward market but without signs of a downward trend, it will naturally decline, he explained.
Investors are currently focused on trust and confidence. I believe that investor sentiment will gradually improve, Pichai stated. With the new funds the Finance Ministry is promoting — the Thai ESG and Vayupak Fund — I am confident that everything will improve. The Thai ESG Fund, which has had its conditions revised, has already been approved and is expected to launch soon.
The Thai ESG Fund has been made more attractive by increasing the investment limit eligible for personal income tax deductions from 30% of income, not exceeding 100,000 baht, to not exceeding 300,000 baht. Additionally, the holding period required to qualify for tax deductions has been reduced from eight years to five.
Regarding the Vayupak Fund, the Finance Ministry will increase the units offered to the public. Pichai mentioned that the conditions of the new Vayupak Fund will not differ significantly from the previous fund, maintaining the same return guarantee for investors, reported Bangkok Post.
