Workshop to help SMEs deal with strong baht

The workshop will advise them how to manage currencies and quote prices, as well as discuss strategies to boost exports.

Commerce permanent secretary Vatchari Vimooktayon said small and medium-sized enterprises were a major concern for the government as they had suffered the hardest impact of the baht’s appreciation since early this year because of low financial liquidity and low competitive efficiency.

The ministry will also clarify its plans to the SMEs on boosting their exports this year. Experts from financial institutions and representatives from private organisations, including the Board of Trade of Thailand, the Federation of Thai Industries, and each industrial sector will provide information and share their techniques for coping with the baht’s strength and fluctuating exchange rates.

Despite the baht’s appreciation, the ministry has maintained its export target at 8-9 per cent for this year. Vatchari acknowledged that this figure could be missed because of many factors. However, the ministry will not lower the figure as it wants to aim high to encourage all involved to work towards the target.

Under the ministry’s export-promotion plan, it has allocated a budget of Bt100 million a year for three years to help SMEs. The project will provide support for SMEs trying to penetrate target markets, join trade fairs, and participate in roadshows.

Moreover, the ministry’s International Trade Promotion Department will provide consultants to help SMEs manage the cost of production and foreign exchange. The Trade Negotiations Department and the Foreign Trade Department will also carefully monitor non-tariff barriers erected by trading partners so that Thai exporters can prepare for them.

Vatchari said the workshop would also gather information from SMEs on the kinds of problems they face and help them find solutions to ensure business growth.