Hanoi (VNA) – Thailand’s Industry Minister Varawut Silpa-archa said the ministry is planning to set up an Industrial Transformation Fund worth around 100 billion THB (3.08 billion USD), aimed at helping small and medium-sized enterprises shift towards future industries and upgrade machinery.
Under the proposed model, the fund will draw in private-sector co-investment. Talks are set to be held this week with the World Bank as the first institution to be approached, as it is an international financial institution that provides financing and technical assistance to developing countries.
The ministry already has criteria for the kind of partner it wants to bring in. It must be a capable, well-funded private company that can help support the industry. It can be a Thai or foreign company, but it must come in to transform the Thai industry.
However, discussions will still be needed with the Finance Ministry to ensure there is no overlap with the SME fund under the Pracharat framework, as the Industrial Transformation Fund is intended to help smaller SME operators shift their businesses towards future industries and upgrade machinery.
Minister Varawut stressed the need to tighten conditions to ensure that only industries delivering the greatest benefits to Thailand receive support. He also noted that some sectors have invested in the country without sufficiently utilising local supply chains or creating jobs, adding that current returns have not been commensurate with what Thailand has given up./.
Thailand ready to share experience with Vietnam in green urban development: officials
Thailand is ready to share its experience and successful models in green urban development with Vietnam, as the two countries share many similar characteristics, including rapid urbanisation, traffic congestion, flooding, canal networks and growing demand for greener public spaces, Thai officials have said in recent interviews with the Vietnam News Agency.
