In addition to its recent tax incentives targeting small and medium-size entities (SMEs) as reported here, the Thai government, through the Small and Medium Enterprise Promotion Committee, approved a nearly 2 billion THB budget to finance SME related projects.
As reported in the Bangkok Post, the budget will target six areas:
- Promoting SME activities through the Ministries of Industry, Commerce and Science and Technology.
- Establishing an SME recovery fund to assist SMEs affected by the economic downturn or those in the farming sector that have no access to financing.
- Financing new SMEs through incubator centers throughout the country.
- Strengthening SMEs by conducting in-depth analysis of SMEs to develop their products, services and marketing.
- Setting up 20 SME “one stop service centers” upcountry.
- Supporting community based enterprises and the “One Tambon One Product” scheme.
SMEs are expected to play a larger role in the Thai economy over the next five years by increasing their share of economic activity from 39% of GDP to 45%.