Thailand moves to increase SMEs’ economic value

05/01/2024 16:13

The Commerce Ministry of Thailand has said that it will boost the economic value of small- and medium-sized enterprises (SMEs) by stimulating consumption, investment, government spending, and international trade, with a goal to increase their GDP contribution to 40% by 2027.

Thailand moves to increase SMEs’ economic value ảnh 1

Illustrative image (Photo: bangkokpost.com)

Bangkok (VNA) - The Commerce Ministry of Thailand has said that it will boost the economic value of small- and medium-sized enterprises (SMEs) by stimulating consumption, investment, government spending, and international trade, with a goal to increase their GDP contribution to 40% by 2027.

According to Poonpong Naiyanapakorn, Director-General of the Trade Policy and Strategy Office (TPSO), SMEs account for 99.5% of all businesses and employ 70% of Thailand's workforce.

The office found that in 2022, SMEs generated an economic value of 6.1 trillion THB (176 billion USD), accounting for 35.2% of the GDP.

To reach the set goal, it is imperative to elevate the economic value to roughly 8-9 trillion THB by 2027.

To that end, the Commerce Ministry and related agencies must work together more closely to enhance consumer markets to generate increased demand for products and services of SMEs parallel to developing the capabilities of entrepreneurs. This effort will help create larger markets for SMEs both domestically and internationally, Poonpong stressed./.

VNA