Thailand moves to increase SMEs’ economic value

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.

Friday, January 05, 2024 16:13

Thailand moves to increase SMEs’ economic value ảnh 1

Illustrative image (Photo: bangkokpost.com)

Bangkok (VNA) - The Commerce Ministry of Thailand has said that itwill boost the economic value of small- and medium-sized enterprises (SMEs) by stimulating consumption, investment, government spending, and internationaltrade, 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, SMEsgenerated an economic value of 6.1 trillion THB (176 billion USD), accountingfor 35.2% of the GDP.

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

To that end, the Commerce Ministry andrelated agencies must work together more closely to enhance consumer markets togenerate increased demand for products and services of SMEs parallel todeveloping the capabilities of entrepreneurs. This effort will help createlarger markets for SMEs both domestically and internationally, Poonpongstressed./.

VNA

#Commerce Ministry #Thailand #SMEs #economic value #Vietnam #Vietnamplus #Vietnam News Agency Thailand

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