Sunday, December 15, 2019

Commerce outlines five schemes for 20-year strategy

Aug 18. 2016
Facebook Twitter

By

PETCHANET PRATRUANGK

1,558 Viewed

THE COMMERCE Ministry yesterday announced five strategies for its 20-year programme to boost domestic and export trade as part of its mission to stimulate economic growth amid uncertain external factors.

The five agendas are to promote trade in services ahead of trade in goods; to promote start-ups and small and medium-sized enterprises; to amend rules and regulations and encourage the use of innovation for commercialisation; to promote marketing ahead of manufacturing and use Thailand as a regional trading centre; and to encourage farmers to market their products themselves.

The 20-year strategy will be implemented from this year until 2035.

As the 96 years ministry’s anniversary, Commerce Minister Apiradi Tantraporn said that while global economic growth remained uncertain, the ministry as the marketing arm of the country would act as the facilitator and business-development unit to drive Thai economic growth as well as promote exports and investment overseas.

The first plan will be to focus on trade in services, as this sector contributes 60 per cent of the country’s gross domestic product. Targeted service businesses are spas, film, enterprises, animation, restaurants, medical service, and hospitality.

Apiradi said that once Thai service businesses were accepted, more products related to those service industries could be exported. For instance, when Thai hospitality services can operate overseas, export of Thai foods, kitchenware, home decorative items, clothes and textiles can be stimulated.

Next, the ministry will continue to develop Thai enterprises, focusing on start-ups and SMEs, as they are key to the country’s economic fundamentals, accounting for 98.5 per cent of the businesses in the Kingdom.

The ministry will amend rules and regulations on trading, while also encouraging innovators to develop their intellectual property for commercialisation.

Tags:
Facebook Twitter
More in Business
Editor’s Picks
wmg-logo
Top News
wmg-logo