Thailand boosts SMEs growth in upcoming Synergy Expo 2024

Thailand is set to boost marketing opportunities for small and medium-sized enterprises (SMEs) through the newly announced Thailand SME Synergy Expo 2024.

This five-day trade show, running from June 19 to 23 at the Queen Sirikit National Convention Center in Bangkok, is a collaborative effort by the Business Development Department (DBD), the Office of SMEs Promotion (Osmep), and several governmental and private sector alliances.

Deputy Commerce Minister Napintorn Srisunpang highlighted that the event’s primary goal is to elevate the trade level among businesses, from the initial stages to international business expansion. The initiative aims to increase the GDP contribution of SMEs from the current 35% to 40% by 2027.

Napintorn has directed the DBD to work closely with Osmep to assist SMEs in business planning, securing funding, and identifying sales venues. An extensive network of 19,000 locations, including petrol stations, community markets, and department stores across Bangkok and provincial areas, has been designated for SME use, said Napintorn.

“SMEs participating in the expo can showcase their products and services through both business-to-business and business-to-customer transactions, providing them with opportunities to partner with other companies and explore new business avenues.”

The expo will also see the debut of the SME Clinic, a joint initiative by the Commerce Ministry and business management experts from state enterprises and private companies. This clinic aims to offer guidance on marketing, productivity, and quality control to enhance competitiveness.

Napintorn mentioned that SMEs involved in this incubation programme could improve their financial access by mitigating loan risks for financial institutions.

The event will feature over 60 franchises across various sectors, including food and beverage, education, services, spa and beauty products, and retail.

Napintorn noted that the ministry would continue collaborating with partner organisations such as the Thai Board of Trade, the Federation of Thai Industries, the Federation of Thai SMEs, and Moc Biz Club Thailand to secure cost-effective sales locations for SMEs.

A special loan package for SMEs from 18 banks and insurance companies will collectively offer 45 billion baht, with initial rates as low as 0.25% for the first year and a fixed interest rate of 1% per month for self-employed individuals. Napintorn predicts the event to generate a value of 140 million baht, reported Bangkok Post.