Connect with us

News

OSMEP Seeks THB 1 Billion to Strengthen Thailand’s SMEs

Published

on

Addressing the Impact of COVID-19 on Thai SMEs

The Office of Small and Medium Enterprises Promotion (OSMEP) is seeking a budget of approximately 1 billion baht for the fiscal year 2026 to enhance the competitiveness of over 3.2 million small and medium enterprises (SMEs) in Thailand. This request comes in response to the significant economic downturn caused by the COVID-19 pandemic, which has led to the closure of millions of businesses across the country.

Ongoing Challenges for SMEs

Panita Shinawatra, acting director of OSMEP, highlighted that the economic impact of COVID-19 has resulted in a continuous cycle of closures and new openings among SMEs. “Many factories have closed, while new ones have emerged,” she stated, emphasizing the need for support to help these businesses adapt to current market trends.

Preparing Entrepreneurs for Future Challenges

Looking ahead, OSMEP plans to focus on fostering innovation and equipping entrepreneurs with knowledge about global market trends. This initiative is particularly crucial as international regulations, such as the European Union’s carbon border adjustment mechanism (CBAM), are being enforced.

  • Adapting to Market Demands: With many Thai products remaining popular internationally, it is essential for entrepreneurs to stay informed about evolving consumer preferences and regulatory changes.

Targeting Key Markets for Growth

Opportunities in Asia and Beyond

OSMEP has identified China as a significant market with high consumer demand for Thai products. Despite challenges in China’s economic recovery, Thai food continues to thrive in popularity among Chinese consumers.

  • Catering to Local Tastes: To capture this market effectively, Thai entrepreneurs may need to adapt their products’ flavors and aromas to meet the preferences of different regions within China.

Recent Initiatives in the Eastern Economic Corridor

Supporting High-Potential Entrepreneurs

Recently, OSMEP organized activities aimed at promoting and developing high-potential entrepreneurs in the Eastern Economic Corridor (EEC) and surrounding provinces. The targeted areas include Chachoengsao, Chonburi, Rayong, and Chanthaburi.

  • Program Goals: The initiative aims to enhance competitiveness and foster innovation in key industries while encouraging investment and establishing new businesses.

Expected Outcomes from the Development Program

Economic Growth Projections

The program, which runs from September to December 2024, focuses on developing businesses registered for no more than three years in specific sectors such as agriculture, food processing, tourism, and health tourism.

  • Projected Revenue Generation: After completion, the program is expected to generate over 28 million baht in revenue through cost reduction, investment expansion, job creation, and increased product value.

A Path Forward for Thai SMEs

The request for a THB 1 billion budget by OSMEP underscores the urgent need to revitalize Thailand’s SME sector following the challenges posed by the COVID-19 pandemic. By focusing on innovation, adapting to global trends, and targeting key markets, Thailand aims to enhance its economic resilience and support sustainable growth among its SMEs.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


News

Smoke Crisis in Samut Prakan: Landfill Fire Continues to Rage

Published

on

By

Smoke Pouring from Samut Prakan Landfill After Two-Day Firefighting Efforts

Toxic Fumes Threaten Local Residents

A significant fire at a private landfill in Samut Prakan has been burning for over two days, resulting in thick smoke engulfing the area. Despite ongoing firefighting efforts, the blaze remains largely uncontrolled, raising concerns about the health impact on nearby residents. Authorities report that nearly 4,000 individuals are affected by the toxic fumes emanating from the site, prompting fears of potential long-term health risks due to exposure to hazardous materials.

Community Response and Health Warnings

Local officials have issued health warnings urging residents to evacuate as a precautionary measure. However, many have chosen to remain in their homes despite the danger posed by the toxic smoke. The situation has escalated to a point where community leaders are calling for immediate action to mitigate the health risks associated with prolonged exposure to the hazardous air quality.

Ongoing Firefighting Challenges

Efforts to Control the Blaze

Firefighters have faced significant challenges in extinguishing the fire due to its intensity and the nature of materials burning at the landfill. Reports indicate that the fire has been fueled by various types of waste, complicating efforts to bring it under control. Authorities are coordinating with environmental agencies to assess the situation and implement strategies aimed at minimizing further damage and health risks.

Environmental Impact and Future Precautions

The incident highlights ongoing issues related to waste management and environmental safety in Thailand. Experts are emphasizing the need for improved regulations and monitoring of landfill sites to prevent similar occurrences in the future. The current crisis serves as a stark reminder of the potential dangers posed by inadequate waste disposal practices and the importance of proactive measures in safeguarding public health.

Continue Reading

News

Earthquake Strikes Pai with 13 Tremors in One Day

Published

on

By

Earthquake Hits Pai: A Series of 13 Tremors

Overview of the Earthquake Activity in Pai

On January 20, 2025, the town of Pai experienced a significant seismic event, registering 13 distinct tremors throughout the day. This unusual activity has raised concerns among residents and local authorities regarding potential aftershocks and safety measures.

Impact on the Local Community

The series of earthquakes has caused anxiety among residents, prompting many to seek information on safety protocols. Local emergency services are on high alert, ready to assist anyone affected by the quakes. Authorities are advising residents to stay prepared for further seismic activity.

Seismological Insights into the Tremors

According to seismologists, the tremors in Pai are part of a larger tectonic activity in the region. Experts emphasize that while such events can be alarming, they are not uncommon in areas prone to earthquakes. Understanding the geological factors at play is crucial for community preparedness.

Preparedness and Safety Measures

In light of these tremors, local officials are urging residents to review their emergency plans. Key recommendations include:

  • Creating an emergency kit with essential supplies.
  • Identifying safe spots within homes to take cover during tremors.
  • Staying informed through local news and official channels.

A Call for Vigilance

As Pai continues to feel the effects of these earthquakes, community vigilance is paramount. Residents are encouraged to remain alert and proactive in their safety measures while local authorities monitor the situation closely.

Continue Reading

News

Thailand’s MFA Champions Digital Trade Initiative in ASEAN

Published

on

By

Thailand’s MFA Champions Digital Trade Initiative in ASEAN

Introduction to the ASEAN Digital Economy Framework Agreement

The Ministry of Foreign Affairs (MFA) of Thailand is spearheading a significant initiative aimed at enhancing digital trade within the Association of Southeast Asian Nations (ASEAN). This effort is focused on establishing a comprehensive framework that promotes trade and transactions across the region, as articulated by Eksiri Pintaruchi, the MFA’s permanent secretary. The initiative was discussed during an ASEAN Ministerial Meeting retreat held in Langkawi, Malaysia, under the chairmanship of Malaysia.

Significance of the ASEAN Digital Economy Framework Agreement

The proposed ASEAN Digital Economy Framework Agreement (Defa) is poised to be a groundbreaking regional agreement, setting the stage for managing guidelines pertinent to the digital economy. According to Ms. Pintaruchi, this framework represents a crucial step in addressing the rising significance of the digital economy within ASEAN. It aims to facilitate digital trade and transactions while ensuring robust cybersecurity measures are in place.

Thailand’s Role as a Mediator and Previous Chair

Thailand’s experience as a previous chair of ASEAN positions it uniquely to lead these negotiations effectively. The country has a wealth of experience in fostering collaboration among member states, which will be instrumental in advancing the Defa initiative. The MFA emphasizes that establishing a solid framework for digital trade is essential for enhancing economic cooperation and integration among ASEAN nations.

Future Directions for Digital Trade in ASEAN

Looking ahead, the MFA plans to promote further initiatives that align with the goals of Defa, focusing on expanding digital trade capabilities throughout the region. This includes addressing various aspects of the digital economy, from regulatory frameworks to cybersecurity protocols, ensuring that all member states can benefit from enhanced digital connectivity and trade efficiencies.

A New Era for Digital Trade in ASEAN

The MFA’s initiative on digital trade signifies a pivotal moment for ASEAN as it seeks to establish itself as a leader in the global digital economy. By implementing the ASEAN Digital Economy Framework Agreement, member states can expect increased trade opportunities and improved economic resilience in an increasingly digital world.

Continue Reading

Trending

Copyright © 2025 Phuket Time News.