BANGKOK, 27 April 2019 (NNT) – The effort of the Small and Medium Enterprise Development Bank of Thailand (SME D Bank) to promote Thai processed agricultural products to markets in China succeeded further when a Chinese company decided recently to pilot the purchase of 16,000 tons of Thai processed fruit products, which will generate more than two billion baht in total for farmers on small land holdings.
The signing of a memorandum of understanding between Tai Hua Chue Group Company Limited which is operated by a Thai entrepreneur, and Shenzhen Song Thong Modern Supply Chain Management Company Limited from the People’s Republic of China, is aimed at purchasing Thai processed agricultural products for distribution in the Chinese market.
Mr. Phongchan Samphaongoen, Deputy Managing Director and Acting Managing Director of SME D Bank, noted the success of the SME D Bank Business Matching project that brought Thai SME entrepreneurs to attend a business matching event directly with Chinese buyers in Guangzho county, Guangdong province last year, and they were able to agree to enter into a mutual purchase agreement.
Shenzhen Company will purchase 16,000 tons of Thai fruit products especially durians, mangoes and cashew nuts from Tai Hua Chue Group for eight years which will help generate more than two billion baht in total for small farmers.
The bank has also established a fund to be used to sport the “Loans for Upgrading the Community Economy” project which offers special interest rates and installments for up to seven years. The individuals have to pay an interest rate of only 0.42 percent per month in the first three years.
Thai SME entrepreneurs who wish to sell their products in the Chinese market are advised to consider trademark registration, brand building to prevent their products from being copied and copyright infringement, along with the creation of a product standard in accordance with Chinese conditions, and developing attractive packaging of a size that appeals to local consumers.
Large Shopping Malls in Bangkok Will Be Closed until July 25th
Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.
Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak
The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.
The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.(more…)
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