Phumtham taps private sector to stimulate economic recovery

Commerce Minister Phumtham Wechayachai on Saturday held discussions with over 150 major private sector representatives to join forces in launching an economic recovery project. 

This initiative follows Prime Minister Srettha Thavisin's directive, assigning the ministry to coordinate with all sectors in assisting small businesses, alleviating expenses, and reducing the cost of living for the public over a three-month period from August 20 to November 20, before distributing 10,000 baht via digital wallets.

The plan will be implemented through three activities and six operational strategies:

Reducing costs for small businesses: This includes lowering shop and market stall rental fees, offering promotions with online stores, and reducing shipping costs with the cooperation of Thailand Post.

Increasing sales opportunities for small businesses: This involves organising "Commerce Markets" across 76 provinces in both government and private sector areas.

Partnering with large manufacturers and wholesalers: This will help lower the cost of living through nationwide discount campaigns and seasonal promotions, such as 9.9, 10.10, New Year, Chinese New Year, and the Vegetarian Festival.

The government has collaborated with various ministries, the Bangkok Metropolitan Administration, government agencies, and private sector venue owners to reduce shop and market stall rental fees and lower transportation costs for goods. 

The ministry has already waived rental fees for small businesses in markets and rental spaces for four months and is preparing to organise "Commerce Markets" nationwide to provide small businesses with additional sales channels, such as at provincial halls, welfare shops, tourist attractions, industrial estates, gas stations, and shopping malls.

Simultaneously, the ministry will work with large manufacturers and wholesalers to encourage big players to support small businesses by reducing costs for small entrepreneurs and lowering the cost of living for the public by reducing the prices of essential consumer goods. 

The discussions also sought the cooperation of the Thai Chamber of Commerce, the Federation of Thai Industries, and other organisations to support provincial commerce office activities, such as finding businesses to participate, securing venues, and coordinating with local manufacturers to offer discounted products.

Wholesale and retail chains have been asked to allocate space in their stores for small and medium-sized enterprises (SMEs) to sell their products and to organise discount campaigns to stimulate consumer spending. 

Producers and suppliers are also encouraged to participate in the Ministry of Commerce’s activities by setting up booths to sell essential consumer goods at lower prices and to support the distribution of these goods to remote communities in various provinces, with the ministry requesting military assistance for mobile delivery trucks to transport goods to different sales points.

Major producers, businesses, and retail chains are ready to cooperate with the Commerce Ministry by lowering the prices of essential goods, supporting the sale of low-cost products to the public, and reducing the burden on small businesses by lowering rental fees. 

The prime minister will officially kick off the project during the mobile cabinet meeting on August 20 at Rajamangala University of Technology Suvarnabhumi in Ayutthaya province. 

“The Ministry of Commerce is grateful for your participation in helping small businesses and the public. We are confident that this project will help stimulate the economy before the launch of the large-scale economic stimulus project through digital wallets, amounting to 450-500 billion baht. It is crucial to prepare in all aspects," said Phumtham, who also serves as deputy prime minister.

The private sector said it was fully prepared to cooperate with the government, recognising the shared challenges faced by the public. 

The 150 major private sector entities that participated in the discussions included the Thai Chamber of Commerce, the Federation of Thai Industries, the Thai Retailers Association, the Thai Wholesale and Retail Trade Association, the Thai Rice Packers Association, the Thai Food Processors Association, the Thai Beverage Industry Association, Charoen Pokphand Group, Thai Beverage Group, Central Group, Unilever Thai Trading Ltd, Saha Pathanapibul Pcl, Neo Corporate Pcl, Osotspa Pcl, Unicharm (Thailand) Co Ltd, FrieslandCampina (Thailand) Pcl, Dutch Mill Co Ltd, Nestlé (Thai) Ltd, Dairy Farming Promotion Organisation of Thailand, The Mall Group Co Ltd, and Big C Supercenter Pcl, among others.