Thailand to become development hub of regional SMEs, startups

BANGKOK, November 16 (TNA) - The government is promoting Thailand to become a development hub of small and medium-sized enterprises (SMEs) and startups in the ASEAN Community (AC). Thai Deputy Prime Minister Somkid Jatusripitak announced the policy while opening a three-day business event, “GSB SMART SMEs SMART STARTUP 2018”, at the Queen Sirikit National Convention Center in Bangkok on Friday. Somkid, who oversees economic affairs, said that the Thai government promotes and supports SMEs and startups in the country, through its Thailand 4.0 Policy, to get into the advanced "digital world", where innovations and digital technologies play key roles in driving ahead the country's economic and social sectors and in materializing the Kingdom's goal of becoming a development hub of SMEs and startups in the 10-member ASEAN bloc. Besides, the goal, if achieved, will lift Thailand to the status of a high income country, from a middle income nation currently, with reduced disparity, more opportunities for people and the strengthened grassroots. "As SMEs and startups are major forces to drive forward the national economy, the Government Savings Bank (GSB) has also been assigned, as part of the policy, to provide Thai SMEs and startups with soft loans at the maximum of 10 million baht each with the zero lending interest rate for the first year, aimed at paving the way for local SMEs and startups to sustain their solid and stable growth opportunities over the next 4-5 years", the deputy prime minister mentioned. GSB President Chatchai Payuhanaveechai acknowledged that the three-day event, set during November 16-18, should become a business innovation hub, where Thailand's business operators, especially those running SMEs and startups, and the general public can learn from experts in separate innovative areas who have been invited to share their experiences at many seminars organized as part of the ongoing event. (TNA)