Thai economy to be propelled through SMEs in short term

BANGKOK, April 22 (TNA) - Thai Deputy Prime Minister Somkid Jatusripitak has assigned the Small and Medium Enterprise Development Bank of Thailand (SME Bank) to provide financial support to SMEs and startups in the country through its short term measures in order to propel the national economy pending the formation and the inauguration of the newly-elected Thai government over the next couple of months. Somkid told journalists on Monday, when he visited the Thai Ministry of Industry in Bangkok and held a meeting with the ministry's executives and relevant parties, that the move is in response to what is called the "Sleeping Beauty", or a slowdown in the national economy during this transitional period towards the inauguration of the newly-elected administration. "I has, therefore, assigned the Thai Industry Ministry and the SME Bank to continue assisting SMEs and startups in the country. For the SME Bank, I suggested that it keeps on providing its financial support to SMEs and startups in the country through its short-term measures over the next few months to drive forward the national economy despite this transitional period", the Thai deputy premier stated. "For the Ministry of Industry, I has suggested that it proceeds with its measures and campaigns on encouraging the private sector to apply more innovative digital technologies to their business development, including the Internet of Things (IoT) and the Big Data‎ system, in order to move the nation towards the full-fledged digital era based on the government's Thailand's 4.0 Policy in the coming years", said the Thai deputy prime minister, who oversees economic affairs. According to the deputy premier, he has also assigned the Thai Ministry of Industry to work together and facilitate InnoSpace (Thailand) Company Limited, a newly-set up joint venture between Thailand, Hong Kong and Israel to provide innovative technological support to SMEs and startups in the Thai economy, towards the firm's inauguration by next month before the new Thai government takes office, along with driving ahead the ministry's Industrial Transformation Platform Project, under which SMEs and skills of human resources in the country be upgraded to meet the advanced 4.0 level. Meanwhile, Acting Thai Industry Minister Somchai Harnhiran told reporters that his ministry plans to, thus, use a fund of about 2.97 billion baht totally to continue providing financial support to SMEs and startups through soft loans over the next few months pending a new decision to be made by the newly-elected Thai administration. (TNA)