Suphajee sets out growth path for Thai SMEs amid global economic change

Suphajee Suthumpun, Deputy Prime Minister and Minister of Commerce, delivered a keynote address entitled “Opportunities and the Path Forward for Thailand’s Economy and SMEs” at the “SME Must Survive 2026” event at the Stock Exchange of Thailand on Saturday (August 22, 2026).

Suphajee said the world was changing on several fronts at once, including competition among major powers, geopolitical conflicts, trade barriers, climate change, an ageing society and rapid advances in digital technology and artificial intelligence (AI).

These developments were changing at least 3 key economic rules: from seeking the lowest costs to prioritising security, resilience and supply-chain reliability; from competing through scale to competing through the speed of learning and adaptation; and from selling products alone to selling value, experiences, standards and trust.

Thailand’s GDP grew by 1.9% in the second quarter of 2026, with exports and investment serving as the 2 main drivers.

Although growth slowed from 2.8% in the first quarter, it remained above market expectations.

The Office of the National Economic and Social Development Council (NESDC) raised its full-year economic growth forecast to 2.2%.

Exports grew by more than 17% in the first half of 2026 to THB6.2 trillion, accelerating from growth of 13% in 2025, when exports were worth about THB11 trillion.

However, the United States and China together accounted for more than 30% of Thai exports.

The 2 countries have distinctly different policy directions and trade measures, meaning excessive dependence on either market could increase risks to exports.

Thailand currently has more than 3.3 million SMEs, representing over 99% of all businesses.

They employ more than 13 million people, or nearly 69% of total employment.

Of more than 30,000 registered exporters, over 22,000 are SMEs, yet they account for only 14% of export value.

These figures reflect not only constraints but also considerable room for growth if SMEs are systematically helped to access knowledge, technology, standards, finance, markets and business networks.

Four key pain points

Suphajee said 4 key pain points needed to be addressed systematically to help SMEs grow:

• Business foundations remain weak in areas including management, accounting, finance, data and technology.
• Value creation needs to be more closely aligned with market demand through the use of data, AI, technology, branding and storytelling.
• Market channels remain limited, and SMEs may need to shift further towards online channels.
• Creating a fair competitive environment remains a challenge, including issues involving nominee arrangements and poor-quality products.

Commerce Ministry advances five key policies

On economic policy, Suphajee said the government must address today’s urgent problems while restructuring the economy to improve future competitiveness.

In the short term, it would ease the cost-of-living burden, maintain the stability of goods prices and help businesses access liquidity and markets.

Over the longer term, it would raise productivity, upgrade goods and services, develop skills and technology, and adjust regulations to support business activity.

The ministry is therefore advancing 5 key policies:

• Easing living costs, creating income and upgrading communities.
• Stabilising and adding value to agricultural products.
• Strengthening SMEs and communities.
• Balancing exports.
• Upgrading technology and easing regulatory constraints.

Measures to strengthen SMEs and communities include developing entrepreneurial capabilities, creating markets and income, adding value to products and the community economy, and ensuring fair competition by cracking down on nominee arrangements, inspecting substandard imports and applying AD/CVD/SG measures.

Four teams established to drive the economy

The government is working through the Subcommittee on Trade, Tourism and Community Economy Development, chaired by Suphajee.

It has established 4 specialised working groups covering the creative economy and Visitor Economy; agricultural products and food security; the community economy and SMEs; and international trade.

The work is divided into 2 phases: Quick Big Win, intended to produce results within 6 months to 1 year; and Big Win, focused on restructuring over 2–4 years.

The community economy and SMEs working group will focus on developing entrepreneurs throughout their growth path, or SMEs Journey, from Start–Scale Up–Leader–Regional Player.

Support measures will be tailored to the capabilities and needs of each stage, from starting a business and raising productivity to expanding markets and becoming a regional business operator.

Five changes urged for SMEs

Suphajee proposed “5 changes” to guide SMEs in adapting:

• Shift from competing on price to competing on value.
• Shift from selling products to building brands and experiences.
• Shift from making decisions based solely on experience to using data and AI.
• Shift from selling through a single channel to connecting every channel.
• Shift from working alone to building networks and partnerships.

She also proposed the TAM Model — Think Big, Act Small, Move Right.

Think Big means looking far ahead; Act Small means starting with an achievable step; and Move Right means choosing the appropriate timing, market, technology and partners so that available resources produce the greatest possible results.

In closing, Suphajee said a world that was no longer the same might make it harder to do business, but every change would open opportunities for those who could see them and adapt faster.

“Let us work together to turn uncertainty into opportunity and constraints into driving forces, and to move steadily and inclusively from ‘SME Must Survive’ towards ‘Thai SMEs Must Grow’.”