EXIM Bank widens its role beyond lending to help SMEs tap global market

The bank will also assist Thai companies and investors in entering the Bio-Circular-Green (BCG) industry.

Rak Vorrakitpokatorn, president of EXIM Thailand, stated at the launch ceremony on Wednesday that the bank cannot function only as a funding source in order to sustain its growth.

They must be business partners, take the initiative to assume risk, and foster entrepreneurs who are prepared to export, Rak stated.

He revealed three new tools of the bank that would help nurture the country's SMEs.

The first is a one-stop education service that offers incubation, training, and complete financial support. As a result, SMEs and community enterprises will be able to establish themselves on the global stage.

The second service is to create investment opportunities for medium-sized entrepreneurs, dubbed Amazing M, to invest abroad in order to establish a manufacturing base, expand trade networks, and become a part of the global supply chain.

The third service is to assist Thai entrepreneurs in adopting the BCG model so that their businesses can emit low or zero-carbon emissions.

"The new strategy will give us a clearer role in taking risks, spawning a new industry, and assisting Thai capital to go abroad," Rak said.

The bank's action was precipitated by its realisation of the major problem faced by Thai businesspeople who lack the confidence to export or pursue new opportunities abroad.

Finance Minister Arkhom Termpittayapaisith praised EXIM Bank for taking the initiative at a time when Thailand's economy is showing signs of improvement. The country's economy is expected to grow this year by 3.4%, with exports increasing by 8.1%.

He stated that Thailand must now rapidly develop entrepreneurship DNA that is not afraid to face the world and is prepared to compete with insight knowledge and deep digital skills.

EXIM Thailand had a new credit facility of 51.243 billion baht at the end of the third quarter of 2022, a 32.84% increase over the same period last year. SME entrepreneurs accessed 12.961 billion baht, a 20.16% increase over the same period last year.