Monday, August 10, 2020

Thai farmers to get boost from 3,000 foreign investment funds

Jul 04. 2020
Prapat Pothasuthon, Deputy Minister of Agriculture and Cooperatives
Prapat Pothasuthon, Deputy Minister of Agriculture and Cooperatives
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By The Nation

The Agriculture and Cooperatives Ministry has announced plans to establish 3,000 foreign investment funds to support Thai farmers and deal with food shortages.

Deputy Minister Prapat Pothasuthon said the move was in line with advice from United Nations Secretary-General António Guterres that countries act immediately to shore up global food insecurity .

"The ministry is in talks with the Capital Trust Group and related private agencies on plans to establish 3,000 foreign funds to enhance agricultural businesses in Thailand and create food sustainability," said Prapat.

"This move also aims to boost [Thai] farmers’ liquidity by creating channels that connect them with institutional investors worldwide managing total assets of US$40 trillion," he added.

Private agencies joining the project will cooperate with the Global Blockchain Fund Platform to establish funds that attract investment from foreign investors.

"According to fund industries' statistics in March this year, investors have withdrawn up to Bt2.7 trillion during the Covid-19 outbreak, causing heightened concern over food shortages,” he said.

That concern is now drawing investors' attention to “smart farming” business funds, he added. The ministry will meanwhile continue to prioritise quality in Thai agricultural production to gain confidence among consumers, said Prapat.

"We expect that millions of farmers will benefit from this project," he said.

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